Trade77; AUDUSD, Vulnerable of Chinese Rate Hike 7am

Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.

China authorities have raised interest rates by 25 bps despite of 50 bps increase expectation. I expect a really modest action in the market but surely a bearish one.
Aussie is the premier currency who follows China’s economic situations and in this case I’m going to review on AUDUSD technical levels.

There are two possible channels in the four hour timeframe of this pair, one of them is in black and the other one is in green dotted line:

Green channel is really annoying because is indicating a possible 1.0120 price should be reached but price is already at the upper bond of the black channel and is likely to fall from here.
0.9980 and 0.9930 would be shorter-term profit targets and stops for the black channel play would be at 1.0090.

Enjoy your holidays and wish you a great successful 2011.

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Kindest Regards

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