AUD/USD – Breaking the downtrend?

Can it keep momentum?

The Aussie greenback has been on a good run in latest weeks towards the dollar however it’s immediately struggling round an essential space of resistance.

The pair has been in a downward development for a bit over a 12 months and the highest of the descending channel falls between the 50 and 61.8 fib ranges and round 0.73, close to the identical stage it failed finally week.

A transfer above right here would seem like fairly a bullish breakout however there should be another large impediment in the way in which. The 200/233-day SMA band falls a bit above right here across the 61.8 fib and January highs.

This may very well be a giant check for the pair and should even set off some profit-taking on strategy, which the momentum indicators might spotlight.

A transfer above right here might propel the pair larger and sign the beginning of a a lot better uptrend.

This text is for basic data functions solely. It isn’t funding recommendation or an answer to purchase or promote securities. Opinions are the authors; not essentially that of OANDA Company or any of its associates, subsidiaries, officers or administrators. Leveraged buying and selling is excessive threat and never appropriate for all. You can lose all your deposited funds.

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