FX.co ★ AUD/USD downtrend line violated and reversal in cards

AUD/USD Upside Reversal!

The AUD/USD pair jumped above the downtrend line signaling that the downside movement is over and that the price could jump higher. 0.7311 high is seen as an upside obstacle. Jumping above this level may signal more gains.

Its failure to retest the downtrend line indicates strong buyers in the short term. Now is pressuring the 0.7293 immediate high which is seen as an upside obstacle. In the short term, passing above the downtrend line announced reversal.

AUD/USD Trading Conclusion!

The pair could extend its upwards movement if it makes a new higher high, if it jumps and stabilizes above 0.7311 The upside scenario could be invalidated only by a drop below the downtrend line.