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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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AUD/USD remain bullish for a further rise

The price has made a recent bullish exit of our triangle formation. We remain bullish above major support at 0.7969 (Fibonacci retracement, horizontal overlap support) and we expect to see a bounce above this level for a rise at least to 0.8066 resistance (Fibonacci extension, horizontal swing high resistance).

RSI (34) is seeing pullback support to our descending resistance-turned-support line and also sees an intermediate ascending support line holding it up nicely.

Correlation analysis: We are expecting commodities strength with AUD/USD and NZD/USD both seeing bounces.

Buy above 0.7969. Stop loss is at 0.7911. Take profit is at 0.8066.

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The material has been provided by InstaForex Company - www.instaforex.com