Aussie Long Set up to 0.807 and 0.89

FX:AUDUSD   Australian Dollar/U.S. Dollar
Price broke out from the falling wedge pattern on divergence (on lower TF chart).
Yesterday's candlestick formed a doji and we can expect a dip to 0.7705, a preferred level to take long positions
First target comes in at 0.807
Leave the second target to 0.89 (Long term, at least 2 months) and move to 0.78 when first target is reached.

  • Initial risk is for a rally to 0.807
  • On daily close above 0.781, move both trades to BE
  • When trade 1 reaches TP, move trade 2 SL to 0.78
  • Collect +ve swaps as well

Fundamental Risks:
  • RBA could sit tight going forward on recent Q1 GDP print of 0.9% + better than expected jobs report
  • FOMC next week see's no change but could maintain a hawkish view on rates
  • USD likely to decline in the run up to rate hikes

Dollar/10yr Treasury spread chart below shows a potential rally to 42, which if holds could see a renewed decline to the downside after a break of the rising trend line . Next support at 36 and then 31 if 42 forms resistance.
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