The AUD/USD pair has been moving upwards since the 29th of September 2015. The bullish movement began from as low as 0.6936 to as high as 0.7110.
During the course of the day today, the pair advanced from 0.7043 up to 0.7110 and then pulled back to 0.7079. In case that the buyers try to test the 0.7110 level again and manage to break above it, the price could travel up to 0.7158.
Alternatively, in the event that the buyers are unable to withhold their upside pressures and find the 0.7110 level to be too resistive, they could force the price lower. In case that the price penetrates the 0.7043 level, the price could decelerate down to 0.7023 and 0.7003 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.