Following the collapse of AUD/USD since early this year, the currency pair has fully retraced the collapse, forming a V-shaped reversal pattern and breached the significant psychological resistance at 0.70. The currency pair seems resilient on support area at 0.70 coincides low BB on Oct before breaking an uptrend line early this week. Our view is Bullish, supported by weakening Dollar index. Our price target is at the next resistance at 0.80. A significant close below 0.70 would change our view to short term bearish.
Disclaimer: The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
Disclaimer: The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.