AUD/USD sits at a key level, banging up against the dominant uptrend dating back to October 2022.
You can see from past price interaction how pivotal this trendline has been — initially acting as support before flipping to resistance after being broken late last year.
The bullish engulfing weekly candle from early April flagged what’s since played out, hinting this fresh attempt to break the trendline may have more legs than those seen in recent months. Momentum also leans bullish, with both RSI (14) and MACD trending higher.
If AUD/USD can break and hold above the uptrend, it may draw in additional bulls from the sidelines, opening the door to a move towards .6550 — a zone the pair chopped around in during late 2024.
If the price cannot hold above the trendline, the bullish bias would be invalidated, opening the door for potential short setups.
Good luck!
DS
You can see from past price interaction how pivotal this trendline has been — initially acting as support before flipping to resistance after being broken late last year.
The bullish engulfing weekly candle from early April flagged what’s since played out, hinting this fresh attempt to break the trendline may have more legs than those seen in recent months. Momentum also leans bullish, with both RSI (14) and MACD trending higher.
If AUD/USD can break and hold above the uptrend, it may draw in additional bulls from the sidelines, opening the door to a move towards .6550 — a zone the pair chopped around in during late 2024.
If the price cannot hold above the trendline, the bullish bias would be invalidated, opening the door for potential short setups.
Good luck!
DS
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.