AUD/USD Bounces off of Rising Trendline

Although the pair has found a bit weakness in the past few trading sessions, the AUD/USD looks to have found significant strength from an ascending trendline.

Although a rising trendline is a very simple pattern, it can often produce extraordinary results. Despite the simplicity of the rising trendline, it can often be a very significant force that can often help sustain a trend for a lengthy period of time.

This seems to be the case for the AUD/USD, as the pair has made several attempts to breach below this trendline yet has been unable to do so. In addition to the many failed attempts, the trend line has been around since the beginning of July, making this a nearly four month trend. The longer the pattern last typically, the stronger the support becomes from the trendline. Traders looking to go long this pair should pay close attention to how the pair trades around this level and should use proper risk and money management.

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