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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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AUDUSD holding above ascending trendline support! Further rise incoming!

analytics606c26e4c8f67.jpg

Price tested and reacted above ascending trendline support. A further push up above 1st support at 0.76367 towards 1st resistance at 0.76823 could be possible. Technical indicators show room for further upside as well.

Trading Recommendation

Entry: 0.76367

Reason for Entry:

38.2% Fibonacci retracement, ascending trendline resistance

Take Profit: 0.76823

Reason for Take Profit:

-27.2% Fibonacci retracement

Stop Loss: 0.76225

Reason for Stop Loss:

61.8% Fibonacci retracement

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