FX.co ★ AUD/USD hovers above 0.6842 downside obstacle

AUD/USD Sideways Movement!

The AUD/USD pair was trading at 0.6863 at the time of writing. In the short term, the trajectory seems undecided, so the pair could continue its sideways move. The 0.6842 former low represents a downside obstacle, while the downtrend line stands as an upside obstacle.

As long as it stays under the downtrend line, the pair could drop deeper. Still, in the short term, it could come back higher to test and retest the downtrend line.

AUD/USD Forecast!

Dropping below the 0.6842 downside obstacle may signal a further drop in the short term. This scenario could help the sellers to catch a larger drop.