FX.co ★ AUDUSD holding above ascending trendline! Bounce Incoming!

AUDUSD reached a key support before doing a bounce. With price now holding above short term ascending trendline support, a further push up above our 1st support at 0.71431 towards 1st resistance at 0.72069 could be expected. Price has also just broken above EMA to the upside and MACD indicator is looking to cross above 0, showing a build up in bullish momentum.

Trading Recommendation

Entry: 0.71431

Reason for Entry:

Ascending trendline support, 38.2% Fibonacci retracement

Take Profit: 0.72069

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 0.71063

Reason for Stop Loss:

Graphical swing low