AUDUSD starting to reverse nicely, watch break of major support

AUDUSD is starting to reverse nicely! We are still in an ascending channel that stretches all the way back to December 2017 so only a break of this major channel would trigger a much more bearish move. Right now we’re seeing a close below 0.7988 as the first sign that a possible reversal could be occurring.

RSI (34) sees an ascending support line holding up price really well too. Only a break of this major ascending support line would be the first precursor that a drop might be occurring.

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