FX.co ★ AUD/USD: upside reversal above 0.6710

AUD/USD Downside Seems Over!

The AUD/USD pair is trading at 0.6695 at the time of writing. The price dropped as much as 0.6570 where it has found strong demand. Now, it has jumped above the downtrend line signaling that the downtrend ended. It has tested and retested the broken downtrend line confirming its breakout.

Now, it stands right below the 0.6710 former high which represents an upside obstacle. Staying near this level may announce an upside breakout and continuation.

AUD/USD Forecast!

Passing and stabilizing above 0.6710 activates an upside reversal and brings new buying opportunities.