Overview:
The resistance of the AUD/USD pair has been set at the price of 0.7851; and the support, at the 0.7686. So, according to the previous events, the AUD/USD pair is going to move between the resistance and support. As a rule, history will probably repeat itself at this level again. Therefore, we expect a range about 165 pips for April 22-24, 2015. Consequently, if the trend fails to close below the level of 0.7736 (minor support), it will be a good opportunity to buy above 0.7740 with the first target at 0.7812. It will then continue straight towards 0.7851 in order to test a strong resistance on the H4 chart. Also, it should be pointed out that the level of 0.7851 is coinciding with the ratio of 78.6% of Fibonacci retracement levels. The stop loss should be always taken into account as it should never exceed your maximum exposure amounts. Hence, the best location to set your stop loss should be placed below the level of 0.7680.
Observations:
- The double top will be set at the level of 0.7842.
- The major support is going to be set at 0.7687.
- The minor support has been set at the price of 0.7736.
- The price had hit the weekly pivot point and the support 1 this week.
- The risk of 110 pips must make a profit of 1654 pips.
- The value of 50% Fibonacci retracement levels is 0.7735 (weekly pivot).
- The volatility is 275.19. As a rule, the market is highly volatile if the previous day had a huge volatility.
