AUD/USD has found resistance at 0.7815 level and now has started to go down. Still, the decrease could be only a temporary one. The price could test and retest some immediate support levels before jumping higher again.
USDX’s current rebound pushes AUD/USD lower in the short term. Some poor data reported by the US today could weaken the greenback again. The US Dollar Index is located in the seller’s territory, so it could drop anytime again if the US economic figures will disappoint.
AUD/USD Temporary Retreat?
AUD/USD registered a new false breakout above 0.7815 level and through the weekly R1 (0.7811). It is trading in a range above the descending pitchfork’s median line (ML), so the bias remains bullish.
An upside breakout from the current range could bring a new long opportunity. Only a valid breakdown below the median line (ML) and from this range could invalidate a further growth ahead.
A valid breakout above the R1 and through 0.7815 level brings a new long opportunity with an immediate upside target at 0.7875 level.
The material has been provided by InstaForex Company – www.instaforex.com
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