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AUD/USD : Exit of the medium term bullish channel

Sentiment :

The pair AUD/USD got out at the end of the last week of its medium term bullish channel (purple lines) and just broke the support at 1.04, giving us a sell signal.

We advise to trade only short positions as far as 1.0450 is resistance. The breakout of 1.0350 will give a new sell signal and will open the way towards 1.03. This bearish scenario is reinforced by a bearish channel on h1 (brown lines).

In case of return above 1.0450, we will be neutral between this level and 1.05.
Analysis published by Bruno, the 08/28/2012 at 09h30 GMT+2

Complete sheet of the pair AUD/USD - Previous AUD/USD Analysis
Chart of the pair AUD/USD - Timeframe 4H
Chart of the pair AUD/USD - Timeframe 1H