AUDUSD trading idea for the week of 15-Jan-2018

When we look at the weekly charts we can see that AUDUSD has rallied for 5 consecutive weeks. It has now run into resistance around 0.79000. Therefore there is a possible pull back before continuing to the upside.

AUDUSD Weekly

If you want to trade the retrachment to the downside, it is a good idea to use a lower time frame. Let us have a look at H4.

AUDUSD 4-Hour

Trading Preference
It is a good idea to wait for the price to break to the downside of the current up channel on 4-hour chart. After breaking the channel, wait for retest of the channel, like shown on the chart.
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