- The AUD/USD pair has formed support at the level of 0.7590; and the area of 0.7586 is probably going to compose a double bottom on the H4 chart. Consequently, the price of 0.8100 will form a new bearish wave and will act as a strong support this week. So it will be a good sign to buy above the level of 0.7586 (00% of Fibonacci retracement levels at he same chart) with the first target of 0.7700 and further to 0.7806. The level of 0.7806 will act as a strong resistance today for that it will be a good place to take profit below the 0.7806 level.
- Nevertheless, in case a reversal takes place and the AUD/USD breaks through the support at the price of 0.7575, the market will be leat to a further decline towards the 0.7521 level.
Intraday technical levels:
- R3: 0.7796
- R2: 0.7759
- R1: 0.7732
- PP: 0.7695
- S1: 0.7668
- S2: 0.7631
- S3: 0.7604
- Range: 64pips.
- Risk of 64pips must make a profit of 96.00.
- A risk to reward ratio of 1:1.5 is recommended.
The material has been provided by InstaForex Company – www.instaforex.com