FX.co ★ AUD/USD

The price of the AUD/USD pair continues to actively trade near the key support level of 0.7000. We are seeing a fairly prolonged consolidation near this support. Volume accumulation is ongoing, indicating that we may expect some impulsive move in the very near future. I anticipate seeing a bullish impulse, considering that the price is near a strong cluster of supports. I also still consider the overall trend to be bullish. The presence of debt levels above provides a basis to believe that a rise from the recent decline will occur, even if it is corrective with a minimum target around the 0.7075 mark.