AUD/USD has been in an uptrend all through August. It reached a new peak of 0.6824 on August 29 and then pulled back.
AUD/USD is at a critical level for the uptrend. Whilst a recovery is possible, more downside could also signal a reversal. The pair has reached the top of a range at a similar level to where it rotated in July. The correction so far is a three wave structure, perhaps an ABC correction, suggesting it is just a counter-trend reaction and the uptrend will probably resume. If AUD/USD can close back above 0.6800 it will signal a continuation of the uptrend back up to the 0.
AUD/USD 4-hour Chart An extension lower, however, would bring into question this hypothesis and possibly suggest the correction might actually be the start of a new downtrend. For confirmation price would need to close below 0.6751, . That would likely be followed by a move down to 0.6700-05 and the 200-period Simple Moving Average . AUD/USD is a broad sideways range and it has retested resistance at the top of the range like it did in July.
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