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08.02.2023 05:10 PM
AUD/USD in up channel, 0.6987 acts as key obstacle

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AUD/USD Uptrend Line As Dynamic Obstacle!

The AUD/USD pair dropped a little in the short term, having reached the 0.6987 former low which stands as a static upside obstacle (resistance). Now, it is trading at 0.6951 at the time of writing. The rate could approach and reach the 0.6939 former high and the uptrend line. These levels represent downside obstacles, so as long as the instrument stays above them, the rate could resume its growth within the channel's body.

Technically, a temporary retreat within this channel could bring us new buying opportunities. The upside scenario could be invalidated only if the rate drops and stabilizes below the uptrend line.

AUD/USD Trading Conclusion!

Staying above the uptrend line and jumping beyond 0.6987 activates an upside continuation, suggesting a buying opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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