AUDUSD Bounces off Downchannel Support on Daily Chart

The AUDUSD has solidly bounced off of downchannel support on the daily chart, after having formed a Doji Thursday, and traded within an ever tighter range Friday. The Asian session today (Monday) opened with a gap higher, as daily RSI, Stochastics and MACD are now all rallying off of oversold levels. Those going long at current levels should keep in mind that the AUDUSD is still within the downchannel.

For my multiple timeframe analysis on AUDUSD, feel free to visit: tradablepatterns.com/tag/audusd/

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