The last U-turn of AUDUSD from 0.6865/60 is not only a horizontal line about 0.6965 but a long five-week descending resistance line about.6975 more likely to please buyers than one horizontal line. In cases where bulls refrain from 0.6975 their favorites could be 0.7000 and 0.7050/55 in advance of the 0.7100, 0.7140 and 0.7205 successive numbers northward.
Downside, the pair’s adjacent drops may be limited to 0.6930 and the immediate upward slanting trend line to 0.6905 before dragging the pair to 0.6865/60. With the dominance of bears below 0.6860, market attention could be increased in 2016, which was low nearly 0.6830.
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