AUD/USD: a channel breakout?

AUD/USD: a channel breakout?

2020-12-09 • Updated

AUD is on the rise. Will it keep pressing upwards? It is possible, as the risk seems to be getting back to Forex today. But will it break the channel’s roof? That’s a question. However, if it does break it, there is still a probability that it will reverse. The thing is, within this channel, AUD/USD has already made several bullish breakthroughs like this, and every time it was getting back down or floating at the upside of the channel.

So the safest approach in the mid-term would be to prepare for a bounce to the lows of 0.7450 or even 0.7420 before another upswing takes place.

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