FX.co ★ AUDUSD approaches key resistance

AUDUSD is trading at 0.7150 where we find the key resistance trend line coming all the way down from 0.74. So far price got rejected three times when approached this trend line resistance. Will we see a fourth? The US elections will surely play an important role to the volatility of the market and affect at least short-term price movement.

AUDUSD is below the resistance trend line. Normally at current levels we would prefer to turn bearish as price is very close to resistance and the risk is low. But with US election results on the way, any involvement with the markets is considered high risk. It is better to watch closely and be patient and let the dust settle after the results. It is time to focus on weekly closing prices. Medium-term trend remains bearish as price has most probably topped at 0.74 and is now in the process of a pull back.