The AUDUSD broke strong resistance at 0.7250
Bulls broke and held above the last week’s high of 0.7250 resistance yesterday. The breakout took place amid low volumes, although from the technical point there are all chances of further growth.
The AUD keeps trading within the ascending channel on the intraday chart. As long as the channel remains intact, strong upside potential preserves.
The closest growth target is situated at another tough resistance – 0.7280. The breakout of this barrier will allow bulls to continue their ascension towards 0.7300, 0.7380.
The uptrend will turn down for correction if price breaks the lower border of the ascending channel at 0.7235. Potential correction targets are: 0.7225, 0.7200, 0.7155.
Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!