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AUD/USD Broke Above Resistance At 0.7600

AUD/USD Broke Above Resistance At 0.7600

AUD/USD broke above resistance at 0.7600

Since two months there is a bull market on AUD/USD. Today price broke above resistance at 0.7600 and right now is leading to next resistance at 0.7880. Before test of indicated level it is likely that price will re-test 0.7600 again, but this time test will be from the top.

Wider view, time-frame W1

For last 3 years AUD/USD has moved in a downtrend. Return above 0.7600 is a first signal that trend is reversing. However only break above 0.8150 confirms it. As we can see on weekly chart huge problem for bulls will occur at 0.7880. In this area resistance and upper limit of downward channel coincide.

Time-frame D1

AUD/USD Daily Chart

Time-frame W1

AUD/USD Weekly Chart

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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