fxbymichel
Long

Australian breaks out of multi year downtrend

FX:AUDUSD   Australian Dollar/U.S. Dollar
16 0 3
It's been a rough couple of years for commodity currencies the past few years and the aussie dollar is no exception. However, based on this longer term chart we could be witnessing the end of a multiyear downtrend. The pair has broken above the downtrend line and is now resting above the 100 and 50 day MAs. Oscillators have been trending to the upside for the past few months as well. Look for a possible test of the 200 day heading into the end of the year.
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