AUD/USD is expected to hit the target at 0.7570. The pair continues trading on the upside and is currently around the 20-period moving average. The bullish bias is maintained by the ascending 50-period moving average, while the relatively strong index is still above the neutrality level at 50 calling for further advance. The immediate resistance is located at 0.7570 and the next one, at 0.7610.
Trading Recommendation:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7570 and the second one, at 0.7610. In the alternative scenario, a short position is recommended with the first target at 0.7475 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7450. The pivot point is at 0.75.
Resistance levels: 0.7570, 0.7610, 0.7660
Support levels: 0.7475, 0.7450, 0.75
The material has been provided by InstaForex Company - www.instaforex.com