AUD/USD: Trade ideas for July 23
On the H1 chart we can see that the AUDUSD has been moving in range in recent days, taking into account that in bigger charts such as daily chart, this pair is showing a corrective pattern. During yesterday's session, the Aussie found resistance near to the 78.6 Fibo level (0.9423), so quickly, the pair managed to fall below the level of 0.9404, where is located 61.8 Fibo level.
If the AUDUSD manages to make a breakout at the level of 0.9377, next target would be the support level of 0.9333, because this pair would be located below the 500 EMA, which would strengthen the bearish trend. However, caution when placing sell orders is recommended as the Aussie remains above the 200 and 500 EMA.
Trading recommendations: Place sell orders if the AUDUSD does a breakout at the support level of 0.9377, with take profit at 0.9336.