Currency Analyst since 2010

AUD/USD: trade idea

By Felipe Erazo

AUD/USD fell steeply to the level of $0.9331, where the pair found support and now, AUD/USD is trying to make a retracement. It is very likely that this pair rise to the resistance level of $0.9437, where is located the 61.8 Fibo level. AUD/USD could find strong resistance at that level and then continue with the fall would help strengthen the overall bearish bias.

AUD/USD is above the 500 EMA (red line), so this pair would have to make a breakout in the support level of 0.9315, to continue the bearish road in the medium term. On the other hand, if AUD/USD manages to make a breakout at the $0.9466 level, it’s expected to rise to the level of $0.9503.

Trading recommendations: Place sell orders when AUD/USD finds resistance at the level of $0.9437 (61.8 Fibo level), with take profit at the $0.9315 and $0.9248 levels. You could put stop loss at the resistance level of $0.9466.

Chart. H4 AUD/USD

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