Overview:
- Due to the previous events, the AUD/USD pair is still moving between the prices of 0.7271 and 0.7185. Additionally, the the level of 0.7211 is representing the daily pivot point. So, the psychological level has been set at the 0.7211 price today. Therefore, sell deals are recommended below the 0.7211 level with targets at the level of 0.7185. Moreover, the price of the AUD/USD pair is going to try to break the weekly support 1 at 0.7185 to call for the bearish market below 0.8787. Consequently, the price will continue moving towards the level of 0.7158 in order to form a double bottom at this level on the H1 chart. On the other hand, the stop loss should always be taken into account, thereupon it will be safer to set your stop loss at the 0.7305 price.
Notes:
- Minor support will be set at the price of 0.7271.
- Major support has already been set at 0.7158.
- We expect a range of 113 pips in coming days.
- Volatility: 72 in pip.
