Send me real-time posts from this site at my email
Fan Yang

AUD/USD Breaks Key Resistance

Last week, we saw AUD/USD rally and test a key resistance area. Basically, AUD/USD was trying to break an ascending triangle. This week, we saw the pair successfuly break above the resistance, signaling further bullish outlook.

AUD/USD Daily Chart

(click to enlarge)

Breakout:
- As we can see, price has cleared key resistance lines of the consolidation pattern that goes back to early 2016.
- Basically, price has been in sideways action under the 2016 high, but has now broken through - a bullish sign.
Upside; Support:

- As noted in the previous update, the upside for this break is 0.80, 0.8170, and 0.83. 
- Also, if price pulls back, the 0.77 area should provide support. So if price holds above 0.77, AUD/USD should be in a bullish mode.
- But I think a break below 0.7540 will be needed to open up the bearish outlook.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue