gained sharply at the beginning of November align with a recovery Chinese markets. Now price is trading in the upper range of the bearish channel
. With trade war still looming large, AUD could saw strong bears a head. Therefore, look for trade war news and performance of Chinese markets for head way for price action. Bearish
signals could trigger a bearish
reversal, as the Australian dollar's strength comes mostly from commodities
prices due to its exports.
Price rejects a break from current resistance level
. Look for a move to bottom side of the trend. Profit levels to look for are .7120, .7070 & .7000 respectively.
Price breaks current resistance level
, look for a consolidation above .72600 for a potential move higher.