Technical analysis for the AUDUSD on 25.11.2015

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The AUDUSD broke strong resistance at 0.7250

audusd3

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.

Alternative scenario:

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.

 

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