FX.co ★ AUD/USD: upside reversal above 0.6706

AUD/USD Sideways Movement!

The AUD/USD pair is located at 0.6660 at the time of writing. It's trapped between the lower low of 0.6597 (downside obstacle) and the former high of 0.6706 (upside obstacle) levels. In the short term, it is moving sideways, even though the price action signaled a potential upside reversal after jumping above the downtrend line.

Technically, passing and stabilizing above the downtrend line signaled that the downside movement ended and that the buyers could take it higher.

AUD/USD Trading Conclusion!

Jumping above the 0.6706 former high is seen as a buying opportunity as the rate could resume its growth.