DavidBelleFX

Possible breakout on AUDUSD

FX:AUDUSD   Australian Dollar/U.S. Dollar
We have a relatively strong area of resistance (grey box) on 1H. At the same time, the upward sloping trendline is being respected very well. Although the RBA has said that they want to keep AUD lower for longer, there is the potential for a retracement, so an upside break is possible. Also to be noted is the double bottom that had been formed.

UPDATE: Price has broken out to the downside.

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