The upper trend channel of the pair has been broken and the AUDUSD may now consolidate horizontally. Therefore we can expect the price to bounce back and forth between the upper and lower ranges of the channel. The MACD is also weakening towards the bearish side. Thus, we can open a short position next to the recent high and the upper Bollinger band. The lower Bollinger band may be a good target to take profits. Place a stop loss above the recent highs to protect your position.
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