Technical Analysis: AUDUSD takes a U-turn from seven-week-old resistance line
AUDUSD snaps a four-day winning streak while declining below 0.7160 during the early Thursday. The Aussie pair refreshed the 15-month high previous day. However, failures to cross an ascending trend line from June 10 gained support from overbought RSI to portray the pair's latest pullback. While the pair's current downside aims for 0.7100, the rising trend line from May 18 near 0.7065 could restrict the quote's additional weakness. In a case where the AUDUSD prices slip below 0.7065, 0.7000 and the mid-June bottom around 0.6775 will be the key.
On the contrary, a clear break above 0.7200, comprising the nearby resistance line, isn't enough for the Aussie bulls to retake controls. The reason is a rising trend line from March 09, at 0.7275 and the year 2019 top near 0.7300. Should the buyers pass all the tests by clearing 0.7300, they will be rewarded with December 2019 high near 0.7390/95.