FX.co ★ AUD/USD trapped within range

AUD/USD Downtrend!

As you can see on the h1 chart, the AUD/USD pair is moving sideways between 0.6340 and 0.6202. The downtrend line represents an upside obstacle. As long as the currency pair stays below this level, the price could drop deeper.

It was trading at 0.6288 at the time of writing. The 0.6340 former high represents an upside obstacle while 0.6202 is seen as a downside obstacle.

AUD/USD Trading Conclusion!

The AUD/USD pair could extend its downside movement as long as it stays under the downtrend line and after dropping below 0.6202.

Jumping and stabilizing above the downtrend line and above 0.6340 activates an upside reversal and brings potential buying opportunities.