AUDUSD cancels bearish trend


The AUDUSD pair has been rallying strongly, and it managed to jump above the bearish trendline, thus canceling the immediate downtrend.

On Thursday, the Aussie was 0.30% higher, rising after positive Australian labor market data. 

The broken, bearish trend line is currently near 0.7650, and as long as the pair trades above it, the medium-term outlook seems bullish. The next target for bulls is expected to be near 0.78, where previous highs are located. 

However, the full medium-term target now lies at the current cycle highs at around 0.80.

Alternatively, if sentiment worsens, the intraday support could be found at 0.770 and afterward at the mentioned broken trendline.

It looks like the USD might stay under pressure as bond yields are turning lower, which could send the AUDUSD pair toward the critical resistance at 0.80.
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