Technical analysis of AUD/USD for September 10, 2018

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Overview:

The AUD/USD pair dropped sharply from the level of 0.7186 towards 0.7100. Now, the price is set at 0.7123. On the H4 chart, the resistance is seen at the levels of 0.7186 and 0.7239. Volatility is very high for that the AUD/USD pair is still expected to be moving between 0.7143 and 0.7045 in coming hours. However, if the pair fails to pass through the level of 0.7143, the market will indicate a bearish opportunity below the level of 0.7143. So, the market will decline further to 0.7045 in order to return to the daily pivot point (0.7143). Moreover, a breakout of that target will move the pair further downwards to 0.7045. On the other hand, we expect the AUD/USD pair to continue to trade in a bullish trend from the new support level of 0.7045 to form a bullish channel in the long term. Also, it should be noted that major resistance is seen at 0.7239, while immediate resistance is found at 0.7186. According to the previous events, the pair is likely to move from 0.7143 towards 0.7186 and 0.7239 as targets.

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