AUD/USD Intraday Technical Analysis & Trade Recommendation December 7, 2011

Yesterday, We suggested a bearish opportunity when we had the bearish breakout which achieved two TP levels then returned to hit the SL.

However, the pair was almost moving sideways which caused the current channels to be transverse.

Today we have a good resistance level at 1.0280-1.0300 which is the upper limit of all three channels suggesting bearish position there with bearish candlesticks.

VIOLET CHANNEL represents Yesterday's movement.

BLUE CHANNEL represents the last 2 days' movement.

YELLOW CHANNEL represents the last 3 days' movement.

Based on the previous analysis:

We can have a bearish position at 1.0280-1.0300 with SL bullish breakout of the channels (1H closure above1.0315).

TP should be at 1.0255, 1.0215 & 1.0180.