Trade of the Day: AUD/USD
AUD/USD recently broke the key resistance level 0.6636, which was identified by Autochartist on the 30-minute charts. The chart pattern indicates possible bullish price movement toward the target level 0.6678. The following are the optimal entry and stop-loss levels calculated by Autochartist: entry at 0.6658 with the protective stop-loss at 0.6611.
As can be seen from the daily AUD/USD chart below – the pair earlier reversed up from the key support level 0.6600 (former strong resistance from August) standing near the 38.2% Fibonacci correction of the previous upward impulse from November. Given the proximity of the support level 0.6600 and the strength of the active daily impulse wave, AUD/USD can be expected rise further toward the target level 0.6678.
