FX.co ★ AUD/USD: new downside movement?

AUD/USD 0.7468 As Downside Obstacle!

The AUD/USD pair increases at the time of writing. It's traded at 0.7496 at the time of writing. 0.7468 former low stands as a downside obstacle. In the short term, it is trapped between 0.7468 and 0.7531 - 0.7547 area which represents an upside obstacle.

As you can see on the h4 chart, the pair dropped below the uptrend line signaling that the buyers are exhausted.

AUD/USD Trading Conclusion!

Dropping below 0.7468 could activate a larger drop. On the other hand, jumping above the 0.7547 key level (former high) could announce an upside continuation.