AUDUSD remains inside bullish channel

AUDUSD is moving higher towards the upper boundary of the short-term trading range. Medium-term trend remains bullish and as long as price remains above 0.68 we remain confident for a move towards 0.70.

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Blue lines - bullish channel

Red lines - trading range

AUDUSD bullish scenario will be confirmed on a break above and out of the trading range we are currently in. This means that price should break and stay above 0.69 resistance level. So far price respects both the lower channel boundary and the lower trading range boundary. This is important for our bullish case. Breaking below 0.68 would cancel our bullish scenario.

The material has been provided by InstaForex Company - www.instaforex.com