AUDUSD - Short retrace before a move up?

PAIR IN FOCUS: AUDUSD
ACTION: SHORT/LONG
HORIZON: SHORT TO MEDIUM-TERM

As seen from the chart, AUDUSD is in a trend channel. AUD is a naturally ranging currency and tends to move in trend channels. Looking for a short retrace down before a move up (IF PRICE ACTION SUPPORTS) towards a long-term downward resistance line. It is possible for a move above the resistance line to the upper bound of the trend channel after the retrace to the lower bound.

For any entries, look for supporting price action (bearish at upper bound/ bullish at lower bound) before any entries.
Trend channels will fail at different points of time, therefore remember to manage your risk.

Feel free to discuss and comment, Cheers!

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