Overview:
- Resistance of AUD/USD pair has set at the level of 0.7993 and the support will set at the level of 0.7846. But a double bottom will be set at 0.7815. According to the previous events, the AUD/USD pair is going to move between the resistance (0.7993) and the support (0.7846). We expect a range about 75 pips at least. If the trend fails to close below the level of 0.7847 (50% of Fibonacci retracement levels), it will be a good opportunity to buy above 0.7850 with the first target at 0.7920. From this point, the pair will continue moving towards the level of 0.7970 to test the strong resistance on May 22, 2015. The stop loss should always be taken in account because it should never exceed your maximum exposure amounts. Hence, the best location to set your stop loss should be placed below the level of 0.7815.
Observations:
- The resistances will set at the levels of 0.7920 and 0.7975.
- The Risk of 50 pips must make a profit of 75 pips.
- The value of 50% Fibonacci retracement levels has set at 0.7847 (above this level is confirming for a bullish market).
- The volatility: 257.61. As a rule, the market is highly volatile if the previous day had a huge volatility.
