AUD/USD Price Analysis: Breaks out of rising channel and moves lower

A recovery above the 0.6653 May 23 high, however, would suggest the uptrend was still intact and AUD/USD is likely to go higher.\n\nThe breakdown from the channel brings the short-term uptrend into doubt. If price now breaks below the 0.6592 day’s low it would help confirm the bearish trend and probably result in a continuation to the next downside target in the 0.6550-8 zone, where the 200 Simple Moving Average (SMA) is situated.\n\nAUD/USD has broken out of the rising channel and fallen to a preliminary target for the breakout, based on the Fibonacci 0.618 ratio of the height of the channel extrapolated from the breakout point lower.\n\nInformation on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not

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