Overview :
- The support of the AUD/USD pair has already set at the price of 0.8116. On H1 chart, the ratio of 50% Fibonacci retracement levels coincides with the support today. Moreover, it should be noted that the minor resistance will set at the 0.8195 price on the same day. So, according to the previous events, the AUD/USD pair is going to move between the resistance and the support. As a rule, history will probably repeat itself at this level again. Therefore, we expect a range about 79 pips (0.8195 - 0.8116). Consequently, if the trend fails to close below the level of 0.8115, then it will be a good opportunity to buy above 0.8115 with the first target at 0.6167 (61.8% Fibonacci retracement levels). Then, it will be continued straight towards 0.8195 (0.8204: 78,6% Fibonacci retracement levels). Nevertheless, the stop-loss should always be taken into account because it should never exceed your maximum exposure amounts. Thus, the best location to set your stop-loss should be placed below the level of 0.8103.
Observations :
- According to the previous events, the AUD/USD pair is going to move between 0.8130 and 0.8175 this week.
- The resistance will be set at the level of 0.8195.
- The support has already been placed at the price of 0.8104.
- We expect a new range about 159 pips this week (daily rane will be around 79 pips maximum).
- The key level will set at the level of 0.8155.
- If there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.
The material has been provided by InstaForex Company - www.instaforex.com
