Tickmill

AUDUSD breaking out nicely, potential further rise!

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar

AUDUSD has broken out of our major resistance shooting up strongly. A further rise could occur pushing price all the way up to 0.7902 resistance ( Fibonacci retracement , horizontal overlap resistance). Our 1st major support would be 0.7844 ( Fibonacci retracement , horizontal overlap support) with our next support at 0.7818.

RSI (89) has made a bullish exit from our long term descending resistance-turned-support line signaling that a change in momentum to bullish could be expected. We can also see short term ascending support hold price up really nicely.

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This analysis is provided as general market commentary and does not constitute investment advice.

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