Currency Analyst since 2010

AUD/USD: sell until $0.9330 (July 16)

In the H4 chart, AUDUSD retracement has made from the level of 0.8950. Then this pair found resistance at 61.8 Fibo level (0.9437), so it is very likely that the AUDUSD continues to drop to support level of 0.9331, where the 400 EMA is located. Furthermore, the Aussie is positioning below the 200 EMA, which strengthens the bearish bias on this pair.

But there is still a possibility that the AUDUSD make a bullish rebound at current levels and invalidate our bearish bias current, since this pair is not yet enough of the 200 EMA away, so that level could serve as dynamic support in Aussie. The CCI indicator is below the -100 level.

Trading recommendations: Hold your sell orders until the support level of 0.9331. Wait for the formation of a higher low patten for add new short orders. Also, you can place buy orders only if the AUDUSD does a breakout at the resistance level of 0.9437, with take profit at 0.9503.

Chart. H4 AUD/USD

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