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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