Technical analysis of AUD/USD for September 23, 2015

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Overview:

  • The AUD/USD pair faced resistance at the level of 0.7112. In the H4 chart, the ratio of 38.2% Fibonacci retracement levels is coinciding with resistance and a trend is still below the spot of 0.7110. Moreover, the minor support is seen at the level of 0.6973 today. So, according to the previous events, the AUD/USD pair is going to move between resistance and support. Therefore, we expect an about 137 pips range to take place (0.7110 - 0.6973). Consequently, if the trend fails to close below the level of 0.6970, it will be a good opportunity to buy above 0.6973 with the first target at 0.7023, with a view to be continued straight towards 0.9110. 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 is an area below the level of 0.6942; because we expect bearish market this week.
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