AUDUSD

AUDUSD – Aussie/dollar reverses after dipping under support

The AUDUSD remained buoyant today as it reversed early-session losses and formed a bullish pin bar in the process. Note that in our weekly trade setups preview and other recent commentaries on this market, we discussed looking to buy on a pullback down between 0.7750 – 0.7650 and today’s temporary pullback PROVIDED us with that opportunity yet again. Price looks to be winding up for a push higher to potentially re-test key resistance near 0.8030. We see good potential for higher prices from here and those traders not already long from our recent commentaries can still consider longs. 0.7750 is now the ‘line in the sand’ for bulls, and any short-term weakness is a buying opportunity.