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AUD/USD: Trade ideas for Sep. 4

   Felipe Erazo

The AUDUSD is trying to form a higher high pattern below the resistance level of 0.9351, so it is very likely that this pair begins to make a bearish retracement to the support level of 0.9306 on the H1 chart.

If the AUDUSD succeeds in making a rebound on that support level, it would be expected to rise again until the resistance level 0.9351. In addition, if this pair manages to make a breakout at the resistance level of 0.9361 (61.8 Fibo extension level) the next goal would be the level of 0.9395. The RSI indicator is in overbought zone.

Trading recommendations: Put buy orders if the AUDUSD does a breakout at the resistance level of 0.9351, with take profit at 0.9395.

AUD
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