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AUD/USD Potential Upward Movement

AUD/USD Long-Term Trend: Bullish

Key Resistance Levels: 0.72472, 0.72674, 0.73138.

Key Support Levels: 0.71471, 0.71112, 0.70924.

Daily Time Frame:

The price on the higher time frame succeeded to break the bearish trendline to the upside after finding buyers below the support level around the 0.71400 USD mark. So, the break of the structure shows that there is a potential of a reversal and a move to the upside.

AUD/USD Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the buyers succeeded to break as well the bearish trendline where a double bottom has been posted which is represented by a higher low. This shows that the buyers are in clear control of the market and might push the price all the way up.

Buy Limit Order @ 0.71442

Target Profit à Trailing Stop

Stop Loss @ 0.71002

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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