The chart pattern show that this pair is now resemble the past price action of forming a triangle breakout. it may or may not be forming a triangle breakout. However, remember that there are no indication that the future price will also follow the same direction. So set stoploss and trade cautiously. Support is now at 0.97~0.9750. Resistance at 0.989 and 0.9940.
The AUDUSD in daily show a bullish engulfing candlestick pattern. Long term target remain parity 1.0 at upside and 0.96 at downside.
By The Backyard Burner
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