Overview:
- The resistance of the AUD/USD pair has been set at the price of 0.7375 and the support has been placed at the 0.7273 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 102 pips in coming hours. Accordingly, if the trend fails to close below the level of 0.7273, it will be a good opportunity to buy above 0.7273 with the first target at 0.7342 (the double top). Then, it will continue straight towards 0.7375. 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 0.7251.
Notes:
- The risk of 68 pips must make a profit of 102 pips.
- The strong support has been placed at the 0.7272 mark, which coincides with the value of 61.8% Fibonacci retracement levels.
- The support will be set at the level of 0.7272. And the double bottom will be set at the price of 0.7255.
- The resistances will be at the levels of 0.7342 and 0.7375.
- The volatility will be about 110.50. As a rule, the market is highly volatile if the previous day has a huge volatility.
