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AUD/USD Potential Upward Movement

AUD/USD Long-Term Trend: Bullish

Key Resistance Levels: 0.7705, 0.7805, 0.8005

Key Support Levels: 0.7662, 0.7590, 0.7463

Daily Chart:

The price on the higher time frame was in a clear uptrend since it is trading inside a bullish channel formation. Lately, the price entered inside a bullish flag formation where it managed to break it to the upside and we expect a continuation of the main trend to the upside.

AUD/USD Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price is trading inside a wedge pattern, and we could see a consolidation near the lower end of this wedge. A break of this pattern occurred; we most probably see a lower correction to the 0.7662 USD mark before the move upward.

Signal Idea:

Buy Limit Order @ 0.7666

TP 1 @ 0.7748

TP 2 @ 0.7805

Stop Loss @ 0.7625

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.

2 comments

  1. Hi Joe,

    Since this one never triggered, should I close it out?

    Thanks brother, in advance ✊

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