AUD/USD near the downtrend line
AUD/USD registered a strong upwards movement after failing to stabilize below the downsloping line, under the channel's downside line. Now, it has ignored the 0.7108 former low which was seen as an upside obstacle (downside obstacle turned into an upside obstacle) and it could approach and reach the downtrend line.
Staying below the downtrend line may announce a new downside movement. On the other hand, passing and stabilizing above the downtrend line could announce an upside continuation, a further growth.
AUD/USD trading conclusion
The downtrend line represents an upside obstacle. Technically, the price could drop only if it retests the downtrend line. Jumping and staying above this dynamic obstacle, above the downtrend line may announce that AUD/USD could climb towards the former uptrend line.
Staying below the downtrend line and dropping below the 0.7108 level again could bring new selling opportunities.
