Overview:
- The s USD/USD pair has already found support at the level of 0.7145. In the H4 chart, the ratio of 50% Fibonacci retracement levels is coinciding with the support line today. Moreover, it should be noted that minor resistance is seen at 0.7284. So, according to the previous events, the AUD/USD pair is going to move between the resistance and support (0.7284 - 0.7145). Therefore, we expect a range about 139 pips in coming days. Consequently, if the trend fails to close below the level of 0.7204 (minor support), it will be a good opportunity to buy above 0.7204 with the first target at 0.7280, then it will be continued straight towards 0.7331 (78,6% Fibonacci retracement levels). On the contrary, the stop loss should always be taken into account because it should never exceed your maximum exposure amounts. Thus, the best location to set your stop loss should be placed below the level of 0.7145.
Comment:
- The daily pivot point at 0.7220 could hit the moving average 100 (red color).
- Stop loss should never exceed your maximum exposure amounts.
- As a rule, the market is highly volatile if the previous day had a huge volatility.
