05.12.201910:01 Forex Analysis & Reviews: AUDUSD daily

Long-term review

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USD gave in to its major rivals. The Aussie has rebounded form the the 4 months green ascending trend line (accumulation?) and broken the short term descending trend line at 6790 and sprinted from there.

It stopped close to the resistance at .6860 and shortly declined amid weak GDP report.

It may try to break several resistance levels at 6860 and then at 6880 that is very close to the upper band on the descending channel.

Therefore, it is better to wait for a clear break of 69 and check out 6930, November highs.

If channel is tested and not broken, the US dollar is likely to dip.

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