Trading recommendations :
- The resistance of AUD/USD pair has set at the price of 0.9300 and the support, at the 0.9238 price. 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 62 pips on August 21, 2014. Accordingly, if the trend fails to close below the level of 0.9238, then it will be a good opportunity to buy above 0.9240 with the first target at 0.9280, then it will continue straight towards 0.9300. Notwithstanding, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. Consequently, the best location to set your stop loss should be placed below the level of 0.9210.
Notes :
- The Risk of 62 pips must make a profit of 93 pips.
- The value of 50% Fibonacci retracement levels is: 0.9371. The strong resistance this week.
- The volatility: 122.45. As a rule, the market is highly volatile if the previous day had a huge volatility.
- The Support will set at the level of 0.9238. And the double bottom will set at the price of 0.9243.
- The resistances will set at the levels of 0.9300 and 0.9340.
The material has been provided by InstaForex Company - www.instaforex.com
