FX.co ★ AUD/USD To Exit Its Downtrend Soon?

AUD/USD continues to pressure the downtrend line after failing to approach and reach the red downsloping line. Jumping and stabilizing above the downtrend line may signal an upside reversal.

Only a breakout above the downtrend line is not enough for us to buy this pair, that's why we have to wait for confirmation I believe that AUD/USD will develop an important upwards movement if the rate jumps also above 0.7671 former high.

Trading Conclusion!

AUD/USD could develop a new swing higher if the rate stabilizes above the downtrend line and if it passes above 0.7671. 0.78 psychological level could be used as an upside target.