The AUD/USD Weekly chart is at an interesting point. There is a parallel channel that can be traced back to 2016, and the current price is touching the lower trend line of that up channel, which indicates a buy. Furthermore, price is constantly rejecting the support (traced back to October, 2015) at 0.73380, hence the long wigs.
When looking at the daily chart, we see the down channel. We can see that the support at 0.73380 is still holding strong.
Now the question is, will we see a reversal or will the support break?
The current events are dollar bearish, which could mean that AUD/USD will gain strength.
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