Currently the AUD/USD pair is approaching the 0.6400 level after encountering fresh selling pressure. The US dollar is recovering even as markets turn cautious amid rising oil prices and key inflation figures from the US.
Looking at the technical picture of AUD/USD on the 4-hour chart, we can see that the pair is gradually narrowing its downtrend. A drop below 0.6400 would weaken the outlook for the Australian dollar. On the contrary, if this pair in the future breaks out above 0.6440, it will open up opportunities to make big profits.
_As we all know, the more experiments a trend line undergoes, the easier it is to break. If that happens it is likely to reach the 0.6485 level, which could invite more buyers to enter the market.
Looking at the technical picture of AUD/USD on the 4-hour chart, we can see that the pair is gradually narrowing its downtrend. A drop below 0.6400 would weaken the outlook for the Australian dollar. On the contrary, if this pair in the future breaks out above 0.6440, it will open up opportunities to make big profits.
_As we all know, the more experiments a trend line undergoes, the easier it is to break. If that happens it is likely to reach the 0.6485 level, which could invite more buyers to enter the market.
