AUD/USD At Resistance

AUD/USD is trading at resistance at current market price. The pair reached a high of 0.7708 and succumbed to lower levels but still in the resistance zone. It is unknown as of now whether the pair is headed to higher levels, but it is worth noticing that AUD bulls have been having a good rally for the past few months going from a low of 0.7145 to a high of 0.7755 which is very close to current market price of 0.7691.

Since it bottomed, AUD/USD is trading in a coil formation which appears to be nearing its end. The camp that pushes harder would be the winner and although bulls might have the upper hand for they have been building momentum for months now, bears need one bad news to destroy everything created by the bulls.

No major news are expected from AU side, on the other hand the US Presidential Elections have the potential to bring chaos into any US pair, AUD/USD not excluded.

Chart: AUD/USD H4