AUDUSD kept rising in the intraday levels, with the overall guidance of the main upward trend in the medium and short terms, while the pair trades within an ascending price channel in the short term as shown in the attached chart, with positive support from the SMA50. The pair then fell in the intraday levels trading as traders reap profits and as the pair searches for a new bottom to bounce off it higher, leaning thereafter on the important support of 0.7165.

Therefore we expect more gains for the pair in the coming trading as long as it trades within that price channel, targeting the pivotal resistance of 0.7315.

Trend Bullish