Yesterday we mentioned the importance of the resistance at 0.7235-0.7245. Price today got rejected and is moving lower. Bulls still have hopes of resuming the short-term up trend but they will need to defend the 0.71 price level.
Blue line- resistance trend line
Green rectangle – support area
AUDUSD bulls need to break above the blue trend line resistance that has been tested already twice. Both previous times price got rejected. Bulls need to hold above the green support area and eventually break above the blue trend line. My preferred scenario is for price to make another higher low and resume its short-term upward move with a break above the blue trend line.
The material has been provided by InstaForex Company – www.instaforex.com
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