There's a very strong channel that formed on 
AUDUSDU2025 originating since February 2025.
On the daily timeframe, price tested the lower channel boundary at the beginning of August. At that time, price respected this channel.
However, this wasn't the case more recently when price broke below this channel boundary and closed below it.
Moving over to the hourly timeframe, I'm monitoring the price action. I plotted an initial low that price traded post-breakout.
If price crosses below this initial low and makes a new lower low, that's an indication that momentum is picking up. If price reverts back, then it's a classic fakeout and then we'll hold off on this trade as price reverts back into the channel.
AUDUSDU2025 originating since February 2025.On the daily timeframe, price tested the lower channel boundary at the beginning of August. At that time, price respected this channel.
However, this wasn't the case more recently when price broke below this channel boundary and closed below it.
Moving over to the hourly timeframe, I'm monitoring the price action. I plotted an initial low that price traded post-breakout.
If price crosses below this initial low and makes a new lower low, that's an indication that momentum is picking up. If price reverts back, then it's a classic fakeout and then we'll hold off on this trade as price reverts back into the channel.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.