AUDUSD - Long From Monthly Support
AUDUSD has bounced back from the monthly support area 0.6800-0.7000 to 0.7350.
Can draw a long term trend line support from year 2001 until now.
AUDUSD has made a low at 0.5000 in 2001, then followed by a higher low at 0.6000 in 2008. Recently it has made a low at 0.6830 at the beginning of 2016, still a higher low.
Bullish divergence can be spotted on monthly chart.
Support is 0.6800-0.7000 (The yellow areas)
Resistance is 0.8000-0.8350 (The read areas)
A long is recommend @0.7300
Stop loss under 0.6800 on a monthly close.
Take profit @0.8300
Stay Tuned.
Can draw a long term trend line support from year 2001 until now.
AUDUSD has made a low at 0.5000 in 2001, then followed by a higher low at 0.6000 in 2008. Recently it has made a low at 0.6830 at the beginning of 2016, still a higher low.
Bullish divergence can be spotted on monthly chart.
Support is 0.6800-0.7000 (The yellow areas)
Resistance is 0.8000-0.8350 (The read areas)
A long is recommend @0.7300
Stop loss under 0.6800 on a monthly close.
Take profit @0.8300
Stay Tuned.
Comment:
AUDUSD is approaching 0.7500 level. Keep long position.
Comment:
AUDUSD retraced back to 0.7300 level after touching 0.75000 level. More long positions added after retracement @0.7300. Now AUDUSD is boucing back and trying to break 0.75000 resistance level.
