Which Way Will Australian Dollar Go Next?

For quite a long time, the market moves within two channels: yellow and green. It is not yet clear which channel is relevant and has a stronger impact on price behavior. Thus, in the current situation, we will analyze both options for the future price movement.

If after the rebound from the lower yellow bound, the growth continues, and we see the rise of the currency pair towards the resistance level of 0.690, which is on the upper bound of the green channel, then the bulls will have a chance to continue the growth to the next resistance level of 0.703. The path to the level of 0.703 may be opened after overcoming of 0.690.

However, if we see a decline and a break of support of 0.676, then the path to the lower bound of the green channel and support of 0.663 will be open for bears.

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