AUDUSD is moving in a bullish trend, which is confirmed by presence above the trend line drawn from the June 2009 low. At the end of July a high was set at 0.8065. Then there was a correction, but then bulls entered the market and set a new high at 0.8124.
What important , despite the establishment of a new high, none of the sessions closed above the July peak. The dynamics of growth has also fallen significantly. In addition, as shown on the daily chart last week, AUDUSD once again tested support provided by the trend line and the area at 0.7964.
It is important now how the upcoming price action will look like. One of the scenarios assumes breaking of the upward trend line and the support area of 0.7964. Then another goal for bears would be support 0.7870.
Alternatively, a reflection from the confluence of support will put the buyers ahead of the challenge of overcoming the area between 0.8065 – 0.8100. Only closing above it would restore more faith in the possibility of continuation of the bullish trend.
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