AUD/USD Technical Outlook Hinges on Trend-line, Price Pattern
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)
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---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.