AUDUSD is in a short-term bullish trend , where highs and lows are set on higher levels. As we can see on H4 chart below, yesterday trend line and horizontal support around 0.7628 was broken. Today, both the trend line and broken support are tested as new resistance.
Currently we can not yet talk about change of trend, such change in short-term trend will only take place if the resistance test is successful and the low at 0.7590 is breached. The target for declines under this scenario will then be support area between 0.7535 – 0.7518. Another key defense area is near 0.7371.
Currently we can not yet talk about change of trend, such change in short-term trend will only take place if the resistance test is successful and the low at 0.7590 is breached. The target for declines under this scenario will then be support area between 0.7535 – 0.7518. Another key defense area is near 0.7371.
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