AUDUSD remains inside the medium-term bullish channel and inside the trading range since the start of June. Price so far respects medium-term support and bulls are pushing price higher from the lower channel boundary.
Red lines- trading range
Blue lines – bullish channel
AUDUSD is respecting channel support and is bouncing off the lower boundary. Resistance remains at 0.6975 at the upper trading range boundary. A break above this level will push price towards 0.72 and the upper channel boundary. A break below 0.68 could lead to more selling pressures pushing price towards 0.66.
Short-term trend is unclear as price mostly moves sideways.
The material has been provided by InstaForex Company – www.instaforex.com