AUDUSD is starting to reverse nicely! We are still in an ascending channel that stretches all the way back to December 2017 so only a break of this major channel would trigger a much more bearish move. Right now we’re seeing a close below 0.7988 as the first sign that a possible reversal could be occurring.
RSI (34) sees an ascending support line holding up price really well too. Only a break of this major ascending support line would be the first precursor that a drop might be occurring.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results