AUD/USD: downside continuation or upside reversal?

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AUD/USD Temporary Rebound?

The AUD/USD pair stands below a downtrend line, so it could extend its downwards movement anytime. It has found some demand around the 0.7254 level and now it could reach and retest the downtrend line which stands as an upside obstacle.

Staying below it and dropping under 0.7254 coud announce further declines towards the 0.7174 lower low. On the other hand, jumping and stabilizing above the downtrend line could signal that the downside movement is over and that the price could develop an upside reversal.

AUD/USD Trading Conclusion!

Jumping above the downtrend line and staying above 0.7254 could bring new buying opportunties as the buyers could take full control.

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

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