AUD/USD Technical Outlook Hinges on Trend-line, Price Pattern
What's on this page
AUD/USD is sitting on the March trend-line at the moment, keeping its upward trend intact. The past month the downward choppy price action is taking the shape of a bull-flag. A turn higher from support followed by a subsequent breakout above the upper parallel of the pattern could ignite the next leg higher. Crossing 7820 would put AUD/USD in position to potentially trade up to the next major level of resistance at 8140, the Jan ’18 high. On the downside a break below the trend-line could accelerate the chop lower to the September high at 7413.
AUD/USD Daily Chart (March trend-line, bull-flag)
AUD/USD 4-hr Chart (close-up of bull-flag)
Resources for Forex Traders
Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.
---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.