After making a low around 0.6830, AUDUSD started making higher highs and higher lows. It has now reached as high as 0.7285 while it is trading close to a key support trend line around 0.7228. Price continues to respect the support trend line without cancelling the sequence of higher highs and higher lows.
As long as price continues to respect the red trend line, bulls will remain in control of the short-term. Support is found at 0.7190 area. A break below this level will be a bearish short-term signal that will imply the end of the move that started at the 0.6830 lows. There is no sign of a bearish divergence by the RSI. There are increased chances that price will continue moving higher. We remain bullish as long as price is above the red trend line.
