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FXStreet (Barcelona) - The Varengold Bank Research Team sees bullish potential for AUD/USD if the pair breaks above the resistance at 0.7938, having already climbed above the 7-month downtrend channel.
Key Quotes
“After seven month immerse in a clear downtrend channel where the Aussie has lost around 20 percent of its value against the dollar, the AUDUSD is trying a change of trend, even though it is still too early to say it is done. However, broken the mentioned bearish channel, the first step is done. Now the pair has to be able to break the resistance placed at 0.7938.”
“If this happen, that would be a good signal that the bulls are taking the control. Below the current level, 0.7700 and especially the lows reached in March, are the closest supports.”