Potential swing trade long on AUD/USD
Like NZD/USD, the Aussie is refusing to roll over despite a strong US inflation report. That is in itself a sign of strength.
The daily chart is yet to see a close beneath the Q3 open, and the lows are holding above the 50-day EMA and 38.2% Fibonacci level. A bullish RSI divergence also formed from the oversold zone to suggest a swing low has formed or is near.
The bias remains bullish above last week's low ad for an initial move to 0.6750 - a break above which assumes a move for 0.6800.
The daily chart is yet to see a close beneath the Q3 open, and the lows are holding above the 50-day EMA and 38.2% Fibonacci level. A bullish RSI divergence also formed from the oversold zone to suggest a swing low has formed or is near.
The bias remains bullish above last week's low ad for an initial move to 0.6750 - a break above which assumes a move for 0.6800.
Trade closed: stop reached
