AUDUSD Long

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Nice risk to reward setup here with an AU long play off a strong Weekly Support level. Price hit a very strong support level while range-bound for the last several months. We saw a nice Bullish Engulfing candle off this zone on the close of Friday's candle showing buyers have entered the market at this key level. We now will watch for a break of the resistance at .7050 to ride this one higher. The overall target would be the Weekly down trend line in blue around .7150 for a 100 pip move.