AUD/USD remains stuck within the confines of a downtrending channel that could see it hitting an important big-picture level at 7000. However, for that to happen we will need to see resistance hold in place here as it gets a thorough testing.
A channel line and the low-end of a month-long range that ended in the middle of this month are in confluence around current levels. It could offer a nice risk/reward spot for would-be shorts should we see momentum let up here soon and turn lower.
A channel line and the low-end of a month-long range that ended in the middle of this month are in confluence around current levels. It could offer a nice risk/reward spot for would-be shorts should we see momentum let up here soon and turn lower.