Forex Traders Report AUD/USD
The Australian Dollar pushed higher overnight and continued it’s recent bullish momentum. As the chart below shows the technical setup is positive for a long position trade.
Friday saw the formation of a bullish pinbar candlestick which found support at $0.9200 and bounced off the up trend line and the 50 day moving average. Yesterday’s trading saw a bullish candle which broke out of the recent trend channel.
The sign’s are for continued bullish momentum in the short term towards the resistance level of $0.9460 with prices likely to be supported by the up-trend line and the 50 day moving average. In my opinion, any retracement back towards these support areas will offer a buying opportunity.
Happy Trading
Flavio
lets trade shares 