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AUD/USD Potential Upward Movement

AUD/USD Long-Term Trend: Bullish

Key Resistance Levels: 0.7532, 0.7560, 0.7600

Key Support Levels: 0.7466, 0.7415, 0.7400

Daily Chart:

The price on the higher time frame posted an engulfing bullish pattern near the strong support around the 0.7410 USD mark. This led to a reversal and to a move upward which shows that the buyers are overwhelming the sellers and we might see the price rallying soon.

AUD/USD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price managed to break the bullish descending wedge to the upside. A lower correction is about to finish around the highlighted zone. This could lead to a reversal and a move to the upside toward the target profit.

Signal Idea:

Buy Limit Order @ 0.7466

TP 1 @ 0.7532

TP 2 @ 0.7560

Stop Loss @ 0.7440

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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