Overview:
- The The AUD/USD pair has still been trading between 0.7202 and 0.7089. 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 the level of 0.7202 with the first target at 0.7090 and the price will drop towards 0.7021 in order to test the second support. Also, it should be noted that the level coincides with a ratio of 32.8% Fibonacci retracement levels. However, if the pair fails to set below the level of 0.7202, the market will indicate a bullish opportunity above 0.7202. Then the level will really act as strong support, it will be a good sign to buy above 0.7202 with the first target at 0.7251 and it will call for an uptrend in order to continue bullish movement towards 0.7280.
Intraday technical levels:
- Projected high: 0.7280
- Breakout (buy stop): 0.7210
- Strong resistance (sell limit): 0.7202
- Current pivot: 0.7145
- Strong support (buy limit): 0.7089
- Breakout (sell stop): 0.7063
- Projected low: 0.7220
