AUDUSD dip buys in play

AUDUSD dip buys in play

Key Support: 0.7796
Key Resistance: 0.7850 – 0.7900

Mid Term View
The AUD has rallied 14.6% against the USD from the lows printed in October 2020, then it pulled back 4.80% from the highs in February 2021 to retest the 0.7650 level.

The long term view here is bullish.

1H Chart Analysis
Yesterday the AUDUSD broke with a heavy resistance level and last week´s highs continuing its bullish move above the 0.7800 level.
We went long yesterday and our targets got hit at that exact level of resistance.

Now that price has broken with that level we are looking for a new long trade at the retest of the previous level. We need price to break with the immediate bearish/pullback structure by trading above the previous highs (0.7823)

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Author : Orlando Gutierrez

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