Forex Trading: AUD/USD In Bullish Trend
Though technically still entrenched within a sideways consolidation, AUD/USD (a daily chart of which is shown) has displayed a marked bullishness since the early February low.
This bullishness has prompted the pair to rise above several key resistance levels to the point where the 15-month high just above 0.9400 is not far off. During the course of the bullish move from the February low, price has formed a well-defined uptrend support line.
Currently, AUD/USD has just established a new 7-week high and appears poised to move yet higher. With a potential upside resistance target in the noted 0.9400 price region, in the event of a bearish breakdown below the current uptrend support line, further downside support resides around the 0.8800 price region.
