Red line -resistance
Black lines - Fibonacci retracements
Green line- support trend line
In our previous analysis we noted the increased chances of AUDUSD turning higher and reversing short-term trend. However in order for this to come true, AUDUSD had to break above the red downward sloping resistance trend line at 0.6860. Recent price action confirms the importance of the resistance by the red trend line. A break above today's highs where price touched the resistance trend line, would be a bullish signal. Our first bounce target is at 0.6963 and then at 0.7080-0.71. Until then bears remain in control of the trend.
