AUD/USD - Consolidating Above Uptrend Support

AUD/USD, a daily chart of which is shown, continues to consolidate right on top of a key uptrend support line extending from the late October 5-year low (around 0.6000).

This uptrend line is providing exceptionally strong support, as it has not yet been violated in the five tests it has experienced since its inception. Therefore, any subsequent breakdown of this line should carry enough bearish momentum to target major support around the 5-year, 0.6000 low.

Currently, price is also on the verge of breaking out above a downtrend resistance line extending from the swing high at the beginning of the year.

In the event of a significant break and close above this downtrend line, price could target key resistance in the 0.6800 price region.

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