AUDUSD bullish breakout, potential for further rise!

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Price has shown a bullish breakout from the Daily descending trendline resistance (now support) and is also holding above the EMA as well. We could see a further rise from 1st support at 0.73722 in line with 23.6% Fibonacci retracement and 23.6% Fibonacci extension and towards 1st resistance at 0.74783 in line with Horizontal swing high and 78.6% Fibonacci extension . Our bullish bias is further supported by how Price is holding above the Ichimoku cloud, RSI is being held up by a corresponding ascending trendline support. Otherwise Price may bearish towards 2nd support at 0.73235 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci extension.

Trading Recommendation

Entry: 0.73722

Reason for Entry:

23.6% Fibonacci retracement and 23.6% Fibonacci extension

Take Profit: 0.74783

Reason for Take Profit:

Horizontal swing high and 78.6% Fibonacci extension

Stop Loss: 0.73235

Reason for Stop Loss:

38.2% Fibonacci retracement and 38.2% Fibonacci extension.

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

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