Setting up the AUD/USD intraday uptrend

The 15-minute AUD/USD has been trending higher despite a recent exhaustion just above 0.9180. This pullback is setting up a possible swing buy from either the top line of the 34EMA Wave but could extend lower to the uptrend line support of the Channel Up pattern.

9-8-2010 AUD 15.jpg

This would create a swing buy zone between 0.9156 and 0.9148.

One issue to consider before taking a longer-term bullish view (as opposed to the shorter term 15-minute) is that the daily time frame has reached the initial layer of resistance within the sideways distribution that it is currently trading within just below 0.9200.

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