The AUDUSD pair has been rallying strongly, and it managed to jump above the bearish trendline, thus canceling the immediate downtrend.

On Thursday, the Aussie was 0.30% higher, rising after positive Australian labor market data. 

The broken, bearish trend line is currently near 0.7650, and as long as the pair trades above it, the medium-term outlook seems bullish. The next target for bulls is expected to be near 0.78, where previous highs are located. 

However, the full medium-term target now lies at the current cycle highs at around 0.80.

Alternatively, if sentiment worsens, the intraday support could be found at 0.770 and afterward at the mentioned broken trendline.

It looks like the USD might stay under pressure as bond yields are turning lower, which could send the AUDUSD pair toward the critical resistance at 0.80.

Source: https://www.axiory.com/technical-analysis/audusd-cancels-bearish-trend

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About Author

Peter Bukov

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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