FX.co ★ AUD/USD within down channel

AUD/USD Minor Range!

AUD/USD dropped within a down-channel pattern. As long as it stays under the downtrend line, the price could approach and reach new lows. The downtrend line represents an upside obstacle.

In the short term, it's trapped between 0.6529 and 0.6446 levels. Technically, if it stays near the downtrend line, the AUD/USD pair could jump above it.

AUD/USD Trading Conclusion!

Staying below the downtrend line and dropping below the 0.6446 former low (downside obstacle) activates a deeper drop.

Jumping above the downtrend line and above the 0.6529 former high confirms a potential upside reversal.