AUDUSD: Approaching the Channel Down bottom.

AUDUSD is on a strong 2 day sell streak below both the 1D MA50 and 1D MA200 but is approaching the bottom/ LL trendline of the six month Channel Down. The 1D time frame is technically bearish (RSI = 36.760, MACD = -0.003, ADX = 28.005) and the closer the 1D RSi gets to being oversold (30.000) the stronger the buy signal on the long term becomes.

As long as the 1D candles close inside the Channel Down, we are buying this weakness, targeting R1 initially (TP1 = 0.6800) and if we get a closing over it as well, then re-buy and target the top of the Channel Down (TP2 = 0.7000).

Prior idea:


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