FX.co ★ Trading plan for AUD/USD for January 29, 2020

Technical outlook:

AUD/USD might have finally bottomed at 0.6735/37 levels as discussed yesterday. The following rally looks good with bulls managing to take out immediate resistance at 0.6765. We can expect a corrective drop towards 0.6745/50 levels today before the rally resumes. Please note that overall structure still remains bullish until prices stay above 0.6668, going forward. A complex corrective drop might have terminated at yesterday's lows and AUD/USD bulls are expected to be back in control. A push above 0.6880 resistance would still be required to confirm a bullish reversal though. Also note that AUD/USD has found support from a fibonacci convergence along with Elliott Channel support, hence probabilities for a continued rally remains high. There might be another shallow low below 0.6735 but it should remain above 0.6668 to keep the bullish structure intact.

Trading plan:

Remain long, stop @ 0.6668, target is 0.7200.

Good luck!