AUDUSD Bullish Divergence on RSI hints to a rise.

The AUDUSD pair delivered us an excellent sell signal on Aug 02 (see chart below), hitting our 0.6400 target:


The price has now been consolidating at the bottom of the 7-month Channel Down on Lower Lows and with the 1D RSI on Higher Lows at the same time, we have a strong Bullish Divergence at hand.

The Lower Highs leg that bottomed on March 08, reached the 0.382 Fibonacci retracement level and the 1D MA50 (blue trend-line). As a result we are bullish, targeting 0.65600.

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