Overview:
- The resistance of AUD/USD is set at the price of 0.7449; and the support, at the 0.7343 price. 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 106 pips on August 5, 2015. Accordingly, if the trend fails to close below the level of 0.7343, it will be a good opportunity to buy above 0.7343 with the first target at 0.7402, then it will continue straight towards 0.7424/0.7449. Nevertheless, the stop loss should always be taken into 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 0.7320.
Notes:
- The risk of 35 pips must make a profit of 106 pips.
- The value of 50% Fibonacci retracement levels is 0.7342, which represents the strong support this week.
- The support will be at the level of 0.7342. The double bottom will be at the price of 0.7304.
- The double top will be at the point of 0.7449 on the H1 chart.
- The resistances will be at the levels of 0.7424 and 0.7449.
- The volatility: 182.49. As a rule, the market is highly volatile if the previous day has a huge volatility.
