AUD/USD Long Trade Triggered

Ilya Spivak
August 11, 2013

AUD/USD Technical Strategy: Long at 0.9189, Targeting 0.9640

Prices bounced as expected, with a pronounced bullish Piercing Line candlestick pattern on the weekly chart hinting at continued gains ahead. Positive RSI divergence bolsters the case for an upside scenario. We will now enter long in line with our fundamental outlook, initially targeting a multi-month horizontal pivot at 0.9640. A stop-loss will be activated on a close beneath 0.8847.

Confirm your chart-based trade setups with the Technical Analyzer.

Forex_Strategy_AUDUSD_Long_Trade_Triggered_body_Picture_5.png, AUD/USD Long Trade Triggered
Forex_Strategy_AUDUSD_Long_Trade_Triggered_body_Picture_5.png, AUD/USD Long Trade Triggered

Weekly Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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