AUDUSD Facing Strong Resistance a Head

The AUDUSD gained sharply at the beginning of November align with a recovery Chinese markets. Now price is trading in the upper range of the bearish channel. With trade war still looming large, AUD could saw strong bears a head. Therefore, look for trade war news and performance of Chinese markets for head way for price action. Bearish signals could trigger a bearish reversal, as the Australian dollar's strength comes mostly from commodities prices due to its exports.

Trade Step-ups:

Bearish Reversal: Price rejects a break from current resistance level. Look for a move to bottom side of the trend. Profit levels to look for are .7120, .7070 & .7000 respectively.

Bullish Breakout: Price breaks current resistance level, look for a consolidation above .72600 for a potential move higher.