AUDUSD holding above descending trendline support! Further bounce incoming!

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AUDUSD broke above descending trendline resistance (now support). With technical indicators showing room for further bullish momentum, a further push up above our 1st support at 0.72777 towards 1st resistance at 0.73736 could be possible.

Trading Recommendation

Entry: 0.72777

Reason for Entry:

38.2% Fibonacci retracement ,Graphical overlap support

Take Profit: 0.73736

Reason for Take Profit:

-61.8% Fibonacci retracement , 61.8% Fibonacci retracement

Stop Loss: 0.72267

Reason for Stop Loss:

Graphical swing low support

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

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