AUD/USD: trade recommendations
By Felipe Erazo
AUD/USD made a bullish rebound on the support level of $0.9357, which is close to the 78.6 Fibo level and now this pair is consolidating above $0.9397 level, where is located the 38.2 Fibo level. The next goal would be for the AUD/USD $0.9447 level, as this pair is very strong in the current bullish trend.
However, it is noteworthy that the AUD/USD is far from the 200 and 500 EMA, which could mean that the pair could perform more corrective movements in favor of the bullish trend. However, if the AUD/USD manages to make a breakout on the resistance level of $0.9457, it’s expected to rise to the level of 0.9503 in the medium term. The CCI indicator is approaching to the 100 level.
Trading recommendations: Place buy orders only if the AUD/USD does a breakout at the resistance level of$ 0.9457 with take profit at the $0.9503 level (100.0 Fibo extension level). Also, if you are currently holding multiple long positions in this pair, we recommend closing some at the $0.9447 level.
Chart. H4 AUD/USD