AUD/USD Bullish Breakout Signals Further Upside

3 天前

AUD/USD has broken out of a bullish flag pattern on the 4-hour timeframe, suggesting continued upward momentum. A buy entry is recommended at a retest of the former resistance level near 0.63700, now acting as support, aligning with a key bullish trendline.

Technical Observations:
Higher High Formation: The AUD/USD pair has established a higher high on the 4-hour chart, confirming an ongoing bullish trend.

Bullish Flag Breakout: Price has decisively broken above a well-defined bullish flag pattern, typically a continuation pattern that signals further upside.

Support Confirmation: The 0.63700 level, previously acting as resistance, is anticipated to act as support upon a retest.

Trendline Confluence: A bullish trendline further reinforces the support zone near the 0.63700 level.

Trading Recommendation:
Entry Point: Buy AUD/USD near the retest of the 0.63700 level.
Stop Loss: Place a stop loss at 0.63200 to manage risk.
Take Profit 1: 0.64200
Take Profit 2: 0.64700


Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Trading involves risk, and you should carefully consider your risk tolerance before making any investment decisions.

3 天前

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