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AUD/USD Long Trade Triggered

AUD/USD Long Trade Triggered

2013-08-11 23:03:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Weekly Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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