SaxoTV

AUDUSD - positive patterns - bullish sentiment

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Steve O'Hare is trading AUDUSD having spotted positive patterns emerging and a possible double bottom formation signalling a short-term bullish trade.

Steve says: "The level to watch is 0.7820. A break of this level will also confirm a double bottom formation. So we look to set longs on a break here.  
The stop on this trade will be at 0.7780. Our profit targets will be the 61.8% fib retracement at 0.7940 and a measured move double bottom target: 0.8040."