The AUD/USD has started to move back up towards a number of 'Key Resistance Points' after going into decline by as much as 474 pips at the beginning of this year's trading. The trendline next on the upswing is shown (on the chart) by utilising a number of swing highs. The ultimate SH is the one depicted in February 2016 at 0.7242. Any breakaway that begins higher than these values would strongly indicate that finally the markets downward trend has started to turn.
Note: Failure for the price to breakthrough would mean that values could well retrace lower. If this scenario applies, then traders will be looking for prices that will enable the 2016 current low to be tested at 0.6827.
Note: Failure for the price to breakthrough would mean that values could well retrace lower. If this scenario applies, then traders will be looking for prices that will enable the 2016 current low to be tested at 0.6827.