AUD/USD is sharply higher breaking the 0.80760 top from April 29th and extends the recovery from the lows set last week and during the month of April. Since mid April this pair has been putting in higher lows and we believe this trend will continue.
We are looking for AUD/USD to test the top trend line of the reverse triangle and will be buyers ahead of this level. Bidding 0.80750 with a targets of the figure 0.82000 and ultimately 0.82950 which is the YTD high set in January. A stop will be placed at 0.78400 which will be raised as the days go by and the higher lows trend-line is followed.
Our Unique Forex algorithm is making the same prediction with a probability of 93%.
We are looking for AUD/USD to test the top trend line of the reverse triangle and will be buyers ahead of this level. Bidding 0.80750 with a targets of the figure 0.82000 and ultimately 0.82950 which is the YTD high set in January. A stop will be placed at 0.78400 which will be raised as the days go by and the higher lows trend-line is followed.
Our Unique Forex algorithm is making the same prediction with a probability of 93%.