AUD/USD - OLD SUPPORT/NEW RESISTANCE AGAIN

AUDUSD

Similarly as NZD/USD the aussie is testing a major resistance - the old former falling channel support as the new resistance which has proven to hold the rate since the start of 2015.

At the moment I am looking at this as a symmetrical triangle formation and the next move will depend on how the rate reacts to the current levels.

For a new long position I will first need to see a daily close above 0.7750 for a potential move towards the long term falling trendline around 0.9000.

I will also be looking for a shorter term reversal pattern (double top or head and shoulders patter) at the current levels for a new short position and a potential move towards the current uptrend around 0.7200.