AUD/USD increased within an up channel pattern, so the upside outlook remains intact as long as the price stays above the uptrend line, the channel's downside line. Unfortunately, the price has shown that the buyers are exhausted after failing to push the rate towards the channel's upside line.
The pair could resume its uptrend as long as is traded above the uptrend line. Still, you should be careful because a breakdown through the uptrend line followed by a drop and stabilization below 0.7670 signals a broader drop in the short-term.
Trading Conclusion!
Buying at this level is risky even if the price is located above the uptrend line. Dropping and stabilizing below the uptrend line and under the 0.7670 former low could represent a selling signal.
Escaping from the up-channel announces that AUD/USD could develop a downtrend, corrective phase.
