Since two months there is a bull market on AUDUSD. Today price broke above resistance at 0.7600 and right now is leading to next resistance at 0.7880. Before test of indicated level it is likely that price will re-test 0.7600 again, but this time test will be from the top.
Wider view, time-frame W1
For last 3 years AUD/USD has moved in a downtrend. Return above 0.7600 is a first signal that trend is reversing. However only break above 0.8150 confirms it. As we can see on weekly chart huge problem for bulls will occur at 0.7880. In this area resistance and upper limit of downward channel coincide.
