AUD/USD looks to trade higher

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AUD/USD resumed its upwards movement. It has managed to jump above 0.7418 former high which was seen as an upside obstacle. The pair maintains an upside bias as long as it stays above the uptrend line.

In the short term, it could slip lower to test and retest the 0.7418 level before jumping higher. It could approach and reach 0.7500 psychological level if it continues to be traded above the uptrend line.

Trading Conclusion

The current aggressive jump above 0.7418 level announced strong buyers. It could resume its growth without coming back to test and retest the broken level or the uptrend line.

It has moved away from the uptrend line indicating upside pressure. 0.7500 and 0.7550 are seen as potential upside targets.

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

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