AUDUSD forming a double bottom, potential reversal!

FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD             has formed a really interesting setup since yesterday. After recovering, it has started to form a double bottom reversal. Coupled with the bullish exit of our descending resistance-turned-support line, this gives us a nicely setup double bottom reversal. Our 1st support remains at 0.7891 ( Fibonacci retracement , horizontal overlap support) where a strong rally could occur. Our first level of resistance is at 0.7944 ( Fibonacci retracement , horizontal swing high resistance, double bottom exit potential) and our next major level of resistance is at 0.7977 ( Fibonacci retracement , horizontal breakout level).

RSI (34) has made a bullish exit of our long term descending resistance-turned-support line signaling that a bullish exit could be expected.

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This analysis is provided as general market commentary and does not constitute investment advice.
interesting idea on AUDUSD... let's see if it works. I hope it does..!
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