FX.co ★ AUD/USD: uptrend seems over

AUD/USD 0.7084 As Downward Obstacle!

The AUD/USD pair registered strong growth but has now dropped below the uptrend line signaling that the upside movement ended and that the sellers could drag it lower. The uptrend line represented a downside obstacle.

Now, it is moving somehow sideways, the 0.7084 former low represents the new downside obstacle. As long as it stays above it, the rate could resume its growth.

AUD/USD Outlook!

Dropping and stabilizing below 0.7084 may announce a larger downside movement. This is seen as a selling opportunity.