Good day traders!

Aussie dollar bears have been winning the battle thus far. Are we going to see further downside for the pair or a bounce in the making to at least test Resistance 2? 20130227-230355.jpgFrom the chart above, you can see that if the bar is able to come back into the channel, then there is a higher chance for further upside to test Resistance 1.

At the moment, the pair needs to break above Resistance 1.

All the best to your trading.

~ Ardy
Currency Strategist