FX.co ★ AUD/USD trades in uptrend mode

AUD/USD resumes its upward movement after jumping above the downtrend line. I have told you in my previous analysis that the pair could develop an upside reversal if it jumps and stabilizes above the downtrend line.

It has decreased within a down channel pattern, escaping from this formation which signaled that AUD/USD could develop important growth. It could increase as long as it stays above the uptrend line.

Trading Conclusion

AUD/USD has managed to stay above the downtrend line and above the 0.7305 level signaling further growth. The 0.7450 and 0.7500 are seen as near-term upside targets as long as the pair stays above the immediate uptrend line.