FX.co ★ AUD/USD: upside reversal

AUD/USD Strong Buyers!

The AUD/USD pair turned to the upside and now is trading at 0.6466 at the time of writing. You can see that the downside movement was stopped by 0.6377 level. This stands as a downside obstacle.

Now, it has jumped above the downtrend line (upside obstacle) and it seems determined to approach and reach new highs. Technically, the former high of 0.6486 represents an upside obstacle.

AUD/USD Trading Conclusion!

Jumping and stabilizing above 0.6486 validates further growth and is seen as a buying opportunity.