AUDUSD Bias
This currency pairs has been on a downtrend since 2013. There are some good signs looking at the current market sentiment it looks like it will start moving along to the upside. The pair reached major support at 0.68252 which is a yearly key level if you look back at to 2003 all the way up until 2009 where it got broken for a retest.
As you can see on the blue ascending trend line price retested a few times (green circle) but it is now showing to be a good support level moving upwards with more higher lows bouncing of the trend line.
I have drawn a symmetrical and ascending triangle which means has good indication to keep moving to the upside but it could potential move to the downside if price break below bullish trend line or at 0.74000 which is another confluence support level.
If price action decides to break through the blue ascending triangle and close above it, there is a strong indication that price will rise to our yearly high which is at 0.78294 (another confluence). A close above our yearly high will be a strong indication this currency pair will move strongly to the upside.
As you can see on the blue ascending trend line price retested a few times (green circle) but it is now showing to be a good support level moving upwards with more higher lows bouncing of the trend line.
I have drawn a symmetrical and ascending triangle which means has good indication to keep moving to the upside but it could potential move to the downside if price break below bullish trend line or at 0.74000 which is another confluence support level.
If price action decides to break through the blue ascending triangle and close above it, there is a strong indication that price will rise to our yearly high which is at 0.78294 (another confluence). A close above our yearly high will be a strong indication this currency pair will move strongly to the upside.
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