AUDUSD is trading just above 0.72 having made higher highs and higher lows starting at 0.70 near the end of September. Price has reached important trend line resistance and for price to continue higher, we should first see resistance break.
Blue line -trend line resistance
Green rectangle- support
Blue rectangle -target area
AUDUSD price is challenging the resistance at 0.7235. A break above this level will open the way for a move towards 0.74. On the other hand bears need to see price get rejected here at 0.72 and break below 0.71 for a deeper correction to unfold.
The material has been provided by InstaForex Company – www.instaforex.com
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