AUDUSD was rising from last year creating upward channel & currently is at a critical area. Most recent support is 0.7380 & resistance is 0.7620. We can predict 2 scenerios.
Scenerio 1: Break above the resistance will confirm uptrend continuation.
Sceneio 2: Break below support will expose major down fall to the next support area which is at 0.70 level.
If dollar gains strength then scenerio 2 is more likely to play out. Or reverse can happen otherwise. At this point I am more curious to see it's breaking out from one side rather than taking positions.
Scenerio 1: Break above the resistance will confirm uptrend continuation.
Sceneio 2: Break below support will expose major down fall to the next support area which is at 0.70 level.
If dollar gains strength then scenerio 2 is more likely to play out. Or reverse can happen otherwise. At this point I am more curious to see it's breaking out from one side rather than taking positions.