The AUDUSD currency pair has traded within a large sideways consolidation pattern since 2015. Although the price action has traded beneath the cloud during this period there has taken place in a positive shift of momentum which can be seen by the Tenkan-Sen (red line) crossing above the Kijun-Sen (blue line). However, AUDUSD has found stiff resistance in the form of the cloud. A resumption on the upside momentum would require a break above the 0.8170 level as this areas would seem to offer significant resistance. A resumption of the downtrend hovwever would require AUDUSD to trade beneath the 0.7500 area which coincides with the last isolated low.
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