legendarytrades

AUD/USD Long Term Perspective

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

The bulls are starting to wake up!
BUT they still need more momentum to change the overall trend of this pair.
On the daily chart , price broke above the 200 Simple Moving Average and bounced of it after the retest by printing higher lows. Currently it is trading inside this triangle and the market is eagerly waiting for a breakout to either side. If price breaks to the upside, the bulls will take the price to retest the the 2015 Highs(0.8200's) which is a very important pivot point. On the other hand, if the bears win the battle, they will gradually take the price lower to retry and break through the 0.7000 psychological pivot point.

Check out my blog for more long-term trading analyses:https://legendarytrades.wordpress.com/

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