Continuing its current ascension, the Australian dollar is showing signs of strong momentum. With a golden cross sighting (12H), this indicator holds weight in light of recent price actions. I’m expecting this uptick to continue after making a healthy retrace back towards the strong 200 EMA/bottom trend line.
I made an Initial Entry at 0.70116 and another at 0.70070. I chose to place my TP slightly above the 618 Fib level at 0.69252. Being that I’m going against the overall trend here, I’ll be watching the price point closely to make sure any profits are secured. Generally I’m expecting the upward action to continue.