AUD/USD: Trade ideas for August 04
In the last session, the AUDUSD found support at the 0.9275 level. This pair has found resistance at the 38.2 Fibo level where probably, the bearish trend of the AUDUSD could continue this week. However, we must stress that this pair could be forming a bullish pattern above the support level of 0.9308.
If the Aussie manages to make a breakout on the resistance level of 0.9329, it's expected to rise to the level of 0.9345, which coincides with the 50.0 Fibo level. On the other hand, if the AUDUSD does make a pullback at current levels, it would be expected to fall back to the support level of 0.9275. The CCI indicator is pointing upwards and the AUDUSD remains below the 200 EMA.
Trading recommendations: Place sell orders of the AUDUSD does a pullback at the resistance level of 0.9329, with take profit at the support level of 0.9275.