Red lines- bearish channel
Over the past few weeks we talked about AUDUSD reversing its bearish trend and providing a bullish signal as it was exiting the short-term bearish channel. Our initial target area was at 0.65, but in our latest analysis we also talked about the potential of reaching the upper boundary of the long-term bearish channel. Price has reached the resistance area just below the upper channel boundary at 0.6750. The RSI has reached overbought levels so it is justified to see a pull back towards 0.6550-0.66.
