AUDUSD continued to grind higher last week and even tested 0.69 level, after a massive upwards movement the previous week.
Notice that even with the upward movement of the past two weeks, there is a massive down trend line that has yet to be overcome, even if we rally from here. We can see that the pair has stalled at current levels as the daily candle sticks show the struggle due to the level of resistance around 0.69 area.
A pull back is needed at this point for a more sustained rally. Therefore, it is possible that the market could test the support area shown on the chart above. Therefore, the preference is to the downside.
Disclaimer: Our analysis and forecasts given on this website are just our point of view about the market. It is not a trading signal or investment advice.