AUD/USD is trending up after breaking 50 and 200 Moving Averages and then finding a support at 200 MA. Pair managed to break the descending channel with the 4H close above it.
Currently AUD/USD is finding a support at 50% Fibs (0.7667) applied to the channel breakout level, which is expected to be rejected and rate to continue moving higher.
Consider buying AUD/USD while it is trading near 0.7670, targeting either 38.2% (0.7720), 23.6% (0.7785) or 0% Fibs (0.7892) as a final upside target. The stop loss should be just below the 61.8% Fibs (0.7600)
Support: 0.7613, 0.7667,
Resistance: 0.7720, 0.7785, 0.7892
