Black line -resistance trend line
Green lines- possible bullish path
AUDUSD is trading around 0.6779. Bulls are making another attempt to push above the black downward sloping resistance trend line that provides resistance at 0.6950. In order for the sequence of lower highs to stop, bulls need to break above this resistance trend line. This will provide an important weekly bullish signal. So far AUDUSD has managed to form a higher low at 0.6461 and this is currently the most important support level. If bulls manage to push price above the black trend line, then we should have 0.7450-0.75 as the next upside target. Near term support is found at 0.66. A break below this level would be a new sign of weakness increasing the chances of new lows below 0.6461.