Hey Traders, over the next week we are looking for more Aussie/USD bullish movement. The monthly support level of 0.79073 has been respected and therefore we look for it to hold support once again. Target for this trade is 0.80345 which is a weekly resistance area. Stop loss is placed at 0.78713. I will update the progress of this trade on our Instagram page ...
Pair: AUD/USD HR News: Thur., Fri. OBSERVATION: Price declining after hitting resistance level previously hit in May 2015. I will enter short on this pair after todays candle closes below the marked zone. 1-week view shows a breakout happened on the 10th of July meaning that price could be on its way down to retest the 0.775 area.
AUDUSD pair raced upwards strongly yesterday to approach from 0.7700 barrier, targeting testing 0.7740 level mainly, noting that breaching this level will extend the bullish wave to reach 0.7830 as a next Target area -Bullish trend supported by the EMA50 Expected trading range for today is between 0.7604 support and 0.7800
Looking at the daily specifically we see multiple rejections of the 1.41 0.50% monthly fib level h4 trendline has been broken and tested so am expecting a lower low to 1.395 before a pullback to entry level. tp set at previous daily and weekly low whereas sl is slightly above the highest high of either shoulder in the h&s pattern