FX.co ★ AUDUSD remains inside short-term bullish channel and challenges support

AUDUSD is making higher highs and higher lows on a daily basis since middle of June when it bottomed around 0.6835. Price is now challenging the lower boundary of the upward sloping channel.

Red lines - short-term bullish channel

AUDUSD is trading inside the red short-term bullish channel. Support is found at 0.6960 and resistance at 0.7080. Breaking above 0.7080 will not only provide a new higher high, it will mean that price is breaking above critical resistance trend line. If support fails to hold we should expect a move towards 0.6840 which is the major low area of June.