AUD/USD buy on reversal
|AUD/USD Buy on reversal
The pair is currently hovering around a strong support zone, having retreated slightly off yesterday’s upwards momentum.
The downwards momentum looks to be capped by weekly support around the 0.71750 – 0.71700 mark. This also finds confluence with the 50% Fibonacci retracement of the 1HR bullish move.
Further support seems to be found around the 0.71550 region,
We will look to execute at this support (demand) zone when we see CSI supporting a reversal on the 1HR chart.
Should the pair break below the demand zone with no CSI to support a reversal, we will consider this trade void.
Key Support Level (SL): 0.71150
Entry: 0.71740 (OR) Market Price
Key Resistance Level (TP): 0.72450
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