AUDUSD reached to resistance at area 0.7380. Last time price was so high three months ago and it finished with new low. If demand breaks above current support, next target will be located at 0.7610. However only break above level 0.8160 will be a strong signal of trend reversal. At current level it is likely that rebound occurs and will be a new downtrend wave because of the main train, what I will show at time-frame weekly.
Wider view, time-frame W1
Since 2011 AUDUSD moves in downtrend. Often there are strong upward candles and next new lows. New low that occurred at the beginning of the year confirms downtrend in long term. If price doesn’t come back above 0.7610 situation should be seen as occasion to short.
