FX.co ★ AUD/USD in up channel

AUD/USD Uptrend Continuation!

The AUD/USD pair registered a strong upwards movement within an up channel pattern. As long as it stays above the uptrend line, the price should resume its uptrend. It's trading at 0.6866 at the time of writing.

Technically, the uptrend line and the 0.6833 former high (historical level) represent downside obstacles. After the last strong growth, a temporary drop is natural. The rate could test and retest the uptrend line before jumping higher.

AUD/USD Trading Conclusion!

Retesting the uptrend line and 0.6833 should announce a new upside movement. Only dropping below these downside obstacles invalidates the upside scenario and brings a downside reversal (selling opportunity).