AUD/USD retakes 0.71 handle, recovery gains momentum into European Session.
Rebound seen in gold prices likely supporting the Aussie, recovery may be short lived as USD likely to see further strength.
Pair has hit channel base and rebounded from lows, RSI is biased higher and has scope to run, Daily Stochs show bullish crossover at oversold levels.
Long lower wicks on 4-hourly candles, hanging man and doji formations indicate scope for some upside. Pair could test 38.2 % Fib of 0.7385-0.7096 fall at 0.7206.
We would long dips around 0.71, SL: 0.7060, TP1: 0.7180, TP2: 0.72
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.