AUDUSD is breaking the long-term falling trend line
AUDUSD is breaking above 0.7150 resistance. A confirmed break above this resistance is giving us a higher probability of the long trade entries. A rejection here and a break below 0.7000 are required for the upside invalidation. The overall medium-term is an uptrend but we need to see a confirmed break above 0.74 to see an extension higher in a 5wave to 0.7800. The pair is in the upside continuation price action formation with this break higher above the congestion wedge.
Note – We are inclined to long trade entries with the stop loss below 0.7140
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