FX.co ★ AUD/USD: more declines to follow

AUD/USD Minor Sideways Movement!

The AUD/USD pair dropped after failing to stay above the uptrend line. Technically, when the price drops below an uptrend line, it signals that the upwards movement is over and that the sellers could take the lead and could push the price down.

It's trading at 0.7413 and it moves sideways. In the short term, it's trapped between 0.7407 and 0.7480 levels. 0.7407 former low represents a downside obstacle.

AUD/USD Trading Conclusion!

Dropping and stabilizign below 0.7407 could activate further drop and could represent a selling opportunity.