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AUD/USD Moving Up from the Price Bottom

The AUD/USD broke a falling trendline a few days ago as you can see in the daily chart. This comes off a "rounded bottom", or what some would describe as an "inverted head and shoulders". Price is also moving up away from the 200-day SMA.


(AUD/USD Daily Chart)

The point is price action seems to have shifted away from the bearish mode into a neutral to now bullish development.

61.8% retracement will be at 0.9337.

There is also upside risk toward 0.9530, 78.6% retracement, and previous pivot. If you compare the Aug-Oct. rally to the current one, a swing of the same amplitude will reach 0.9570.

The bullish outlook in the short to medium term suggests consideration of buying on a dip.