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AUD/USD Potential Upward Movement

AUD/USD Long-Term Trend: Bullish

Key Resistance Levels: 0.7751, 0.7835, 0.8008

Key Support Levels: 0.7662, 0.7590, 0.7466

Daily Chart:

The price on the higher time frame managed to break out of the bullish flag formation to the upside. We are expecting a correction count to the daily support level around the 0.7662 USD. After this the pair might rally again upward.

AUD/USD Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price posted a big bullish candlestick to be able to break the blue trendline. A lower correction might be seen to the 0.7662 USD mark where we have a 61.80% Fibonacci retracement level. This could lead to a move upward to the 0.7746 USD.

Signal Idea:

Buy Limit Order @ 0.7665

TP 1 @ 0.7746

TP 2 @ 0.7835

Stop Loss @ 0.7624

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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