AUDUSD: reaching resistance zone
Updated
This pair is in a weekly downtrend from 0.976 in 2013 to recent 0.7185.
As price had tested 0.7185, touching the descending trend line and successfully retraced a little, signals that AUDUSD is still quite strong and might seek to test 0.718 again.
Keeping an eye on how this pair act near 0.718-0.72.
As for fundamental side, Fed Interest Rate Decision and FOMC Statement in this week would contribute huge to the price action. I would like to see a rebounce of US dollar with the news flow.
As price had tested 0.7185, touching the descending trend line and successfully retraced a little, signals that AUDUSD is still quite strong and might seek to test 0.718 again.
Keeping an eye on how this pair act near 0.718-0.72.
As for fundamental side, Fed Interest Rate Decision and FOMC Statement in this week would contribute huge to the price action. I would like to see a rebounce of US dollar with the news flow.
Comment
price break down though 0.707 to confirm the downtrend
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