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AUDUSD is trading in an upward trend from 16th of may
The pair bounced off the key support at 0.6465
Recommendation:
Trade: Long position on AUDUSD at market price
Target: 0.6530, 0.6557
Stop: 0.6455
Opinion: Looking at the AUDUSD on H1 interval, we can see that the pair reached a key technical support. The pair bounced off the area marked with the lower limit of 1:1 structure, 100-period moving average as well as previous price reactions. According to the Overbalance methodology, as long as the price sits above the aforementioned support, one should expect the price to continue the upward move. We recommend going long AUDUSD at market price with two targets: 0.6530 and 0.6557. We also recommend placing a stop loss order at 0.6455. Source: xStation5
