Bounce of strong support
Updated
AUDUSD broke out of its consolidation area around the large support that was previously resistance.
We are now heading higher and if today closes higher, at least current levels and more, more bullish action can be seen till at least 0.7475 region. RSI and Stoch is well directed and not overbought on H4 and Daily.
It can be a bumpy ride though.
A move back down and especially a break of the trend line would give way to sub 0.7 region.
We are now heading higher and if today closes higher, at least current levels and more, more bullish action can be seen till at least 0.7475 region. RSI and Stoch is well directed and not overbought on H4 and Daily.
It can be a bumpy ride though.
A move back down and especially a break of the trend line would give way to sub 0.7 region.
Note
The major trend line held but price did make a dip a bit lower than the recommended STP.I personally didn't do this trade (directly, I trade(d) GBPAUD) but I'd probably not have my trade closed (and thus STP set) till I was certain price cleanly broke 0.7215, which it didn't.
Apologies to those that entered this and had the same stop and thus got stopped out.
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