AUD/USD is breaking out of a 2 months downtrend line. MACD has turned bullish and is rising. MACD had a bullish divergence earlier, hinting of a possible price bottom. Stochastic is rising from the oversold extreme. Stochastic had also given a bullish divergence warning earlier. Momentum is on the bullish side and could bring price higher to the next resistance point at 0.7090. This resistance point is provided by another downtrend line which was formed by connecting the high from 31st Jan 2019 to the high of 17th April 2019. This is basically the downtrend line of 2019. A break of the year downtrend line would be bullish and target 0.7170. Watch the break of 0.7090 for directional clue. A risk management stop for this view could be placed below 0.6900.

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