The AUD/USD pair is in the process of making an important breakout and medium-term trend reversal confirmation as the price is testing resistance of 0.73. A trend is bullish as long as prices are above 0.7150 with possible bounce targets at 0.7380 or even 0.77 next month.
Red lines - support
The AUD/USD pair has broken above the medium-term downward sloping blue trend line of 0.94. The price has tested this breakout point above the trend line and has also produced a confirmed breakout above the daily Ichimoku cloud resistance. The AUD/USD pair is moving towards higher highs and higher lows. Support is at 0.7150, while short-term resistance is at 0.73.
The weekly chart above shows clearly the important breakout above the trend-line resistance. Next important resistance is seen at 0.7380 where the kijun-sen (yellow line indicator) is found. Breaking above this level will open the way to a bigger bounce towards the Ichimoku cloud near 0.78.
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