AUD/USD Reversal?
The AUD/USD pair increased in the short term and now is trading at 0.6611 at the time of writing. The rate failed to resume its drop and now is alsmot to hit the downtrend line which represents an upside obstacle. Jumping and stabilizing above it may announce that the downtrend ended and that the buyers could push it higher again.
Technically, the 0.6637 former high represents a critical upside obstacle. Still, as long as it stays below the downtrend line, the rate could drop again anytime.
AUD/USD Trading Conclusion!
Jumping above the downtrend line and above 0.6637 represents a buying opportunity.
Staying below the downtrend line and dropping below 0.6571 activates more declines and is seen as a selling opportunity.
