Overview:
- TheAUD/USD pair has broken a major support at the level of 0.7105. Additionally, it should be noted that the price had opened below the major support yesterday. Moreover, the weekly pivot point is set at 0.7070 today. Therefore, it will probably start downside movement in this area and recover again. So, the market will indicate a bearish opportunity below the level of 0.7105 for that sell at this spot with the first target at 0.7040 (23.6% of Fibonacci retracement levels), and continue towards 0.7002. On the other hand, if there is a break at the level of 0.7185, it will be a good location for placing the stop loss.
Forecast:
- According to the previous events, the AUD/USD pair is still moving between 0.7150 and 0.7040.
- Strong resistance will be formed at the level of 0.7150 providing a clear signal for sell deals with targets seen at 0.7040 and 0.7008.
- Stop-loss is to be placed above 0.7185.
Notes:
- The double top will be set at the level of 0.7185.
- We expect a range of 90 pips today. But it should be noted that the risk of 45 pips must make a profit of 90 pips.
- Volatility: 112.50. Therefore, the market indicates a medium volatility.
- The value of 50% Fibonacci retracement levels is 0.7151 for confirming a bullish market).
