Wednesday, July 26, 2023
AUD/USD sideways movement
The AUD/USD pair is trading at 0.6764 at the time of writing, and it seems undecided. It has dropped to as low as 0.6723 where it has found demand again. This level stands as a downside obstacle. On the other hand, the downtrend line represents an upside obstacle.
As long as it stays below it, the rate could drop towards new lows. The downside scenario could be invalidated only if the price jumps above the downtrend line.
AUD/USD trading conclusion
Dropping below 0.6723 activates more declines, while Jumping above the downtrend line and above 0.6793 indicates a potential upwards movement.
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