AUD/USD: Trade ideas for August 22
The AUDUSD is forming a bullish pattern below the resistance level of 0.9310, which is below the 500 EMA in the H1 chart. If the AUDUSD performs a pullback at that level, it would be expected to fall until the support level of 0.9273, where is located the 50.0 Fibo level.
However, the AUDUSD could perform a breakout at that level and falling to the support level of 0.9236, which could override our bullish outlook. The CCI indicator is close to the 100 level and remains neutral.
Trading recommendations: Place buy orders if the AUDUSD does a rebound at the support level of 0.9273, with take profit at the resistance level of 0.9310.