Overview :
- According to the previous events, the price of the AUD/USD pair has moved between the levels of 0.7828 and 0.7724. For that it should be noted that the minor support and resistance are going to set at the levels of 0.7724 and 0.7828 respectively today. So, the range of this pair today is likely to be about 104 pips. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bearish signs. In other words, it will be a good sign to sell below 0.7830 with the first target at 0.7744, and the price will climb towards 0.7724 in order to test this strong support (it should be noted that at the level of 0.7724 will be formed double bottom). However, if the pair fails to break 0.7830, the market will indicate a bullish opportunity above 0.7833 because this price will really act as strong resistance. Consequently, it will be a good sign to buy above 0.7733 with the first target at 0.7851 and it will call for an uptrend in order to continue bullish movement towards 0.7875.
The material has been provided by InstaForex Company - www.instaforex.com
