AUDUSD testing Key resistance

Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst
The US Dollar was mixed against all of its major pairs on Monday.

On the U.S. economic data front, there was no major news.

The Euro was under pressure against all of its major pairs. In Europe, the eurozone Sentix Investor Confidence Index for August was released at -13.4 (vs -16.0 expected). The Bank of France posted Business Industry Sentiment Indicator for July at 99 (vs 92 expected).

The Australian dollar was mixed against all of its major pairs. Looking at the AUD/USD news sentiment in "TC Market Buzz" the AUD is trending with an increase in news volume.


Source: TC Market Buzz


On a long term Weekly chart, the AUD/USD is challenging a very important declining trend line in place since 2014. A break above could signal the beginning of a major multi-year rebound. If the trend line holds as resistance, look for a drop down towards 0.6515 and 0.617 in extension. 



Source: GAIN Capital, TradingView


The AUD/USD is our currency pair of the week, read more about why here.


Happy Trading

Related tags: AUD Forex Forex USD

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar