AUDUSD is facing trend line support

AUDUSD is facing the support of the upward trend line on 4-hour chart. As long as the trend line support holds, we’d expect uptrend to resume, and another rise to 1.0550 is still possible. However, a clear break below the trend line will indicate that a cycle top has been formed at 1.0474, and the uptrend from 1.0246 has completed, then the following downward movement could bring price back to re-test 1.0225 previous low support.


Daily Forex Analysis