AUDUSD seems to have bottomed out from its recent long-term selloff, as the pair is starting to trade inside a rising channel on its 1-hour chart. Price recently broke above the double bottom neckline as well, setting its sights on the next potential resistance areas.
The AUDUSD pair broke higher during the course of the day on Wednesday, clearing the top of the hammer that had formed on Tuesday.
AUDUSD has been moving higher in the past few days but it could be a large correction from the longer-term downtrend.
AUDUSD stays below the downward trend line on daily chart, and remains in downtrend from 0.8162.
The AUDUSD pair fell during the course of the day on Wednesday, as the area above the 0.70 level continues offer resistance.
The AUDUSD pair broke higher during the course of the day on Tuesday, clearing the 0.70 level at one point.
The AUDUSD pair fell during the course of the session on Wednesday, testing the 0.70 level for support.
The AUDUSD pair fell significantly during the course of the session on Tuesday, breaking down to a fresh, new low.
AUDUSD’s downward movement from 0.8162 extended to as low as 0.7037.
The AUDUSD pair initially tried to rally during the course of the day on Tuesday, but found itself struggling yet again.
