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

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

Paul Robinson, Strategist

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.

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AUD/USD Daily Chart (March trend-line, bull-flag)

AUD/USD daily chart

AUD/USD 4-hr Chart (close-up of bull-flag)

AUD/USD 4-hr chart

AUD/USD Charts by TradingView

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---Written by Paul Robinson, Market Analyst

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