AUD/USD: Trade ideas for August 13
By Felipe Erazo
The AUDUSD remains above the strong support level of 0.9256, where is located the 61.8 fibo level at the H1 chart, so this pair could strengthen the bullish trend soon. If the pair manages to make a breakout on the resistance level of 0.9286, it is expected to rise to the level of 0.9349 in the medium term, because the Aussie could have a bullish momentum.
Furthermore, our bullish outlook could be invalidated if the AUDUSD manages to make a breakout in the support level of 0.9238, because this pair could extend the fall for several more days, because larger charts, the AUDUSD is forming a bearish pattern and maintained below the EMA 500. The CCI indicator is pointing downwards.
Trading recommendations: Place buy orders when the AUDUSD does a breakout at the resistance level of 0.9286, with take profit at the level of 0.9349.