AUD/USD upside reversal incoming

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AUD/USD Downside Invalidated!

AUD/USD found strong support, demand, at the 0.7231 level, and now it has jumped above the downtrend line signaling an upside reversal. As you already know from my former analyses, the pair could develop a larger downside movement only if it drops and stabilizes below 0.7231.

In the short term, after today's rally, AUD/USD could come back to test and retest the broken downtrend line before resuming its growth. 0.7306 former low is seen as an upside obstacle.

AUD/USD Trading Conclusion!

Staying above the downtrend line and jumping beyond the 0.7306 level could indicate further growth towards 0.7300.

The material has been provided by InstaForex Company - www.instaforex.com

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