Technical analysis of AUD/USD for October 03, 2018



Pivot: 0.7267

The AUD/USD pair will be probably continue to climp from the level of 0.7233 in the long term. It should be noted that the support is established at the level of 0.7233 which represents the 50% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the AUD/USD pair is showing signs of strength following a breakout of the highest level of 0.7260. So, buy above the level of 0.7260 with the first target at 0.7309 in order to test the daily resistance 1 and further to 0.7346. Besides, it might be noted that the level of 0.7379 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7233, a further decline to 0.7153 can occur which would indicate a bearish market.

The material has been provided by InstaForex Company -