AUD/USD Starts New Week with Positive Tone,Rebound Expected

The AUD/USD pair kicked off the new week on a positive note, hinting at a potential rebound from a significant support area that aligns with the 78.6% Fibonacci retracement level. This comes after a bearish reversal observed last week, which saw the pair correcting from its previous bullish momentum.

Recent Trading Activity
Last week, we successfully closed a profitable position by capitalizing on the bullish impulse. Our detailed analysis and forecast, available on our page, accurately predicted the upward movement, allowing us to ride the bullish wave to its peak.

Technical Analysis
Currently, the AUD/USD is showing signs of a potential reversal from the support area. The 78.6% Fibonacci retracement level, known for being a strong support level, adds further weight to this potential rebound. This Fibonacci level is often seen as a critical point where prices tend to find support and reverse, especially after a significant bearish correction.

Market Sentiment and Trend Analysis
Analyzing the market sentiment, an upside break this week appears marginally more likely than a downside break. This outlook is based on the observation that the trend prior to the formation of the current range was bullish. Typically, when a range forms after a strong trend, the breakout tends to follow the direction of the initial trend. Therefore, the probability of an upward breakout remains slightly higher.

Trading Strategy
Given the technical indicators and market sentiment, we have decided to open a bullish setup. This setup offers a positive risk/reward (R/R) ratio, making it a viable long-term trade. By positioning ourselves for a potential rebound, we aim to capitalize on the expected upward movement while managing our risk effectively.

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✅ I'm Closing 100% of the Position now.