AUD/USD’s failed breakout is a cause of concern for the bulls. A move above the recent high of 0.66 is needed to revive the bullish outlook. The AUD/USD pair is currently trading largely unchanged on the day at 0.6530, having faced rejection at 0.6550 during the early Asian trading hours. The turn lower from 0.6550 marks bull failure at the trendline connecting April 30 and May 11 highs. That trendline is the upper end of the contracting triangle created over the last four weeks. The triangle was breached to the higher side last Wednesday. However, the bullish breakout was short-lived and the pair fell back inside the triangle on Friday, invalidating the positive outlook. A failed breakout is widely considered as a powerful bearish reversal signal. As a result, a deeper decline in the Aussie dollar cannot be ruled out, more so, as the triangle resistance (upper end) proved a tough nut to crack early Monday. On the downside, the immediate support is located at 0.7505 (Friday’s low), which, if breached, will likely yield a sell-off to 0.6420. That level is currently housing the lower end of the contracting triangle. On the higher side, a break above 0.6550 would negate the immediate bearish outlook. That said, a close above 0.66 is needed to restore the bullish trend. Daily chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next WH Adviser O’Brien: US will likely impose economic sanctions on Hong Kong and China if “¦ FX Street 3 years AUD/USD's failed breakout is a cause of concern for the bulls. A move above the recent high of 0.66 is needed to revive the bullish outlook. The AUD/USD pair is currently trading largely unchanged on the day at 0.6530, having faced rejection at 0.6550 during the early Asian trading hours. The turn lower from 0.6550 marks bull failure at the trendline connecting April 30 and May 11 highs. That trendline is the upper end of the contracting triangle created over the last four weeks. The triangle was breached to the higher side last Wednesday. However, the bullish breakout was short-lived… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
