AUDUSD holding above ascending trendline support! Further rise incoming!

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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

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