FX.co ★ AUD/USD: downside reversal below 0.6646

AUD/USD Up Channel!

The AUD/USD pair increased within an up channel pattern. Now, it's trading at 0.6651 at the time of writing. As you can see, the rate failed to approach and reach the channel's upside line signaling exhausted buyers.

The rate dropped below the uptrend line which represented a downside obstacle indicating that the uptrend could be over and that we may have a downside reversal. Still, the former low of 0.6646 represents a key downside obstacle.

AUD/USD Trading Conclusion!

Dropping and stabilizing below 0.6646 activates a larger downside movement and is seen as a selling opportunity.