AUD/USD Technical Outlook: Price Testing Critical Uptrend Support
The Australian Dollar is approaching multi-year uptrend support after plummeting nearly 6% off the yearly highs. If the broader uptrend is to remain viable, prices will need to find a low ahead of this key structural support confluence in the days to come. It’s make-or-break here for the Aussie
Technical Outlook: In this week’s Technical Perspective, we noted that the Australian Dollar was, “approached a long-term support confluence we’ve been tracking since the start of the year at 7612/37. This region represents a critical inflection point for price and IF broken would risk a substantial sell-off in the Aussie.” Put simply, price is trading just above major uptrend support and we’re on the lookout for an exhaustion low while above 7612.reak here for the Aussie.