AUDUSD Buy – Strong Support on Bullish Trend
When was the last time you have taken a look at the monthly or weekly chart of AUDUSD?
If you do so, you would realize 2 things:
- AUDUSD is way undervalued.
- Price is already at the bottom of a 4 years range.
Under these 2 conditions, there’s very little reason for us not to focus on buying AUDUSD.
Previously, the price has already broken above a 4-month falling trendline, signalling for a turn into a bullish trend.
The price climbed and retraces within a rising channel and it is now about to reach the bottom of the channel.
Furthermore, the price will also find support at the previously broken falling trendline, as well as the 50% Fibonacci level, just enough for a bullish trend to resume.