The Aussie bounced around last week with it being the most effected by the dollar pullback. It is currently sitting at the bottom of the ascending channel which has been the support zone for the last two summer months where we have seen lower volatility.
Technically, we can see price has formed a double bottom with good pushes confirming this channel trendline is a good buying zone.
Buying confirmation:
4hr clear close above the pink highlighted region which has previously acted as strong resistance, retesting the top of the channel.
Selling confirmation:
4hr clear close below the ascending channel thus breaking the trend and signalling a reversal. Targets will be the key psychological 0.70 level
Technically, we can see price has formed a double bottom with good pushes confirming this channel trendline is a good buying zone.
Buying confirmation:
4hr clear close above the pink highlighted region which has previously acted as strong resistance, retesting the top of the channel.
Selling confirmation:
4hr clear close below the ascending channel thus breaking the trend and signalling a reversal. Targets will be the key psychological 0.70 level
