AUD/USD Temporary Growth!
The AUD/USD pair has increased as the US Dollar was punished by the US Dollar Index drop. The pressure is high as long as the pair is traded below the downtrend line. It has turned to the upside and now is pressuring the 0.7231 level, former low, which is seen as an upside obstacle (support turned into resistance).
From the technical point of view, the AUD/USD could still drop as long as the price is located under the downtrend line. Only jumping and stabilizing above the downtrend line may announce a bullish reversal and a downside continuation.
AUD/USD Trading Conclusion!
AUD/USD could register only a minor rebound before dropping again. Staying under the 0.7231 obstacle could bring a new downside movement. 0.7118 level is seen as a potential downside target if the price stays below the downtrend line if it resumes its downtrend.
