AUD/USD has been bullish in the daily chart for the last few days. The pair produced a bullish candle closing within a significant level of resistance where the price had a rejection earlier. However, the H1 chart shows that the price made a breakout at yesterday’s highest high. Thus, the buyers may get an opportunity to go long in the pair.
Chart 1 AUD/USD H1 Chart
The chart shows that the price has been heading towards the North by having a bearish correction. Yesterday, it had a strong rejection at the level of 0.72900 and made a bearish correction. The price then headed towards the North and made a breakout at the level of 0.72900. It seems that the price may have found its intraday resistance. It may make a bearish correction. If the price produces a bullish reversal candle at the breakout level, the buyers may go long in the pair and drive the price towards the North further.
Trade Summary:
Entry: Buy above 0.73050
Stop Loss: Below 0.72900
Take Profit 1: 0.73300
Take Profit 2: 0.73400
Take Profit 3: 0.73525