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AUD/USD Potential Upward Movement

AUD/USD Long-Term Trend: Bullish

Key Resistance Levels: 0.71713, 0.72232, 0.73000.

Key Support Levels: 0.71118, 0.70921, 0.70632.

1-Hr Time Frame:

The price on the higher time frame failed to break the strong support zone around the 0.7110 USD mark and left a fake breakout (highlighted in a yellow rectangle). The market reversed and moved higher where higher lows has been posted showing that the market is controlled by buyers.

AUD/USD Medium-Term Trend: Bullish

15-Mins Time Frame:

On the lower time frame, the price managed to break the bearish channel formation to the upside where a double bottom has been posted at the lower end of the channel. A lower correction could be seen to the highlighted zone before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 0.71112

TP 1 @ 0.71713

TP 2 @ 0.72232

Stop Loss @ 0.70813

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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