Trader_97

AUSSIE/DOLLAR SHORT TERM BULLISH AGAIN ?? EXPLAINED

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar
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We broke out of the Trend line resistance from 12th October 2015 which is our first clue of the upside reuming within this medium term Bullish channel . 2nd significant clue here is the price breakout from the bearish Trend channel from September last year though it still feels like that we can correct lower and retest the area where we broke out of which just so happens to be coming in line with the 0.382% retracement level @ 0.7180 area and then perhaps bounce again and resume higher.On Hour 4 time frame prices are above the 100 day SMA and 50 day EMA and the moving averages have also crossed over.The near term trend line support from November 10th remains intact ! All good signs for the Aussie to continue higher for short term.So my recommendations would be to look for buys on pull backs.Especially around those 0.236% and 0.382% fib levels.You can place stops below the 0.7156 area and look for 0.7304 - 0.7364 as short term targets....A break above 0.7364 and the gains for the Aussie may extend
Trade closed: target reached: Made it pretty close to our first target.The pair moved higher after retracing 0.382%

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