FX.co ★ AUDUSD back tests break out area

AUDUSD has marginally broken above a major downward sloping trend line resistance last week but now price is pulling back below the trend line. AUDUSD is back testing this break out area.

Green line - trend line resistance (broken)

AUDUSD has support at 0.7030-0.7040 and resistance at 0.7060. A daily close below support or above resistance would provide an important short-term trend signal. As long as price is above 0.6910 medium-term trend remains bullish. Reclaiming 0.71 would also be a bullish sign and would give me 0.73-0.75 target.