AUD/USD Technical Strategy: Long at 0.9189, Targeting 0.9640
Prices bounced as expected, with a pronounced bullish Piercing Line candlestick pattern on the weekly chart hinting at continued gains ahead. Positive RSI divergence bolsters the case for an upside scenario. We will now enter long in line with our fundamental outlook, initially targeting a multi-month horizontal pivot at 0.9640. A stop-loss will be activated on a close beneath 0.8847.
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Weekly Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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AUD/USD Long Trade Triggered
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