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T3-Consultancy

AUDUSD H1: Bullish outlook seen, further upside above 0.6720

Long
Australian Dollar / U.S. Dollar (FOREXCOM:AUDUSD)  
T3-Consultancy  
FOREXCOM:AUDUSD   Australian Dollar / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns DJ FXCM Index AUDUSD audusdlong audusdbullish Forex forexsignals forextrading
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trendanalysis harmonicpatterns chartpattern usdollar audusd audusdlong audusdbullish forex forexsignals forextrading
On the H1 timeframe, prices are testing a key support zone at 1.3580, in line with the 88.6% Fibonacci retracement. A throwback to this zone could present the opportunity to ride the bounce to the resistance zone at 0.6780, which coincides with the 100% Fibonacci extension. Prices have broken above the 50 EMA, supporting our bullish bias. Failure to hold above the support zone at 0.6720 could see prices fall lower to test the next support zone at 0.6700 which is in line with the graphical low.
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