AUD/USD continues to pressure the downtrend line after failing to approach and reach the red downsloping line. Jumping and stabilizing above the downtrend line may signal an upside reversal.
Only a breakout above the downtrend line is not enough for us to buy this pair, that’s why we have to wait for confirmation I believe that AUD/USD will develop an important upwards movement if the rate jumps also above 0.7671 former high.
AUD/USD could develop a new swing higher if the rate stabilizes above the downtrend line and if it passes above 0.7671. 0.78 psychological level could be used as an upside target.
The material has been provided by InstaForex Company – www.instaforex.com
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