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AUD/USD Potential Upward Movement

AUD/USD Long-Term Trend: Bullish

Key Resistance Levels: 0.70862, 0.71223, 0.72000.

Key Support Levels: 0.70467, 0.70230, 0.70000.

1-Hr Time Frame:

The price on the higher time frame succeeded to break the bearish trendline to the upside and in addition it broke a strong resistance level (now support) around the 0.70400 USD mark. The price is expected to move upward in the same direction of the main trend.

AUD/USD Medium-Term Trend: Bullish

5-Mins Time Frame:

On the lower time frame, the market succeeded to break the bullish flag to the upside and posted a higher low. This shows that the market is clearly controlled by the buyers. A lower correction could be seen to the strong support before a new impulsive wave toward the target profits.

Buy Limit Order @ 0.70491

TP 1 @ 0.70858

TP 2 @ 0.71223

Stop Loss @ 0.70348

Trade Safely 🙂

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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