AUD/USD Technical Strategy: Long at 0.9189, Targeting 0.9640

Prices bounced as expected, with a pronounced bullish Piercing Line candlestick pattern on the weekly chart hinting at continued gains ahead. Positive RSI divergence bolsters the case for an upside scenario. We will now enter long in line with our fundamental outlook, initially targeting a multi-month horizontal pivot at 0.9640. A stop-loss will be activated on a close beneath 0.8847.

Confirm your chart-based trade setups with the Technical Analyzer.

Weekly Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.