The pair, AUDUSD, has been trading within a key support area for the past couple of days – the 0.73100. But today, the pair was able to pierce through this support area, closing below the support area.
A close back above this structure support level will give in to a possible bullish reversal that takes the pair back in an upward trend to the resistance level – 0.78000.
That is an 800 pip movement!
In order to confirm this AUDUSD trade setup, we need the next candle to be a bullish engulfing candle and this candle must close above this structure support to give the bull a definite reason to step in.