Daily chart: The AUDUSD pair is forming a higher low pattern over the support at the level of 0.9664. The Aussie continues to be very weak and in yesterday’s session it fell more than 120 pips, forming a support at 0.9664 level. If the AUDUSD pair breaks that support it is expected to fall to the support level of 0.9466 in the medium term. The situation is very clear on this pair, the weakness is great and if the Aussie breaks the 0.9675 weekly support at the end of this week, it is expected to fall to support at the 0.9369 level in the long term. We must be careful with this pair, because the MACD indicator is showing oversold extremes, although it is normal, due to the drop side has had this pair in recent weeks
H4 Chart: A similar situation presented in this chart, comparing it with the daily chart, the Aussie is forming a higher low pattern, preparing to break the bearish trend line that is near the 0.9650 level. If the pair breaks that trend line, it is expected to fall to support at the 0.9506 level, which is very likely and is supported by the MACD indicator, which is currently in negative territory and showing that there are still very strong bearish in this pair. However, if the AUDUSD pair breaks the resistance level at 0.9825, it is expected to rise to the level 0.9965. The Aussie remains well below the 200 SMA, supporting a bearish outlook on this chart for this pair.
H1 chart: In this chart, there are two possibilities to do a good intraday trading this pair. For one, the Aussie is forming a higher low pattern over the support at the level of 0.9672, if the pair breaks this support, it is expected to drop to the next support at the level of 0.9585. Moreover, if the pattern is not formed and the Aussie breaks the resistance level at 0.9718, it is expected to climb to the Point of Control (POC) to be formed in the resistance level at 0.9761. However, we must be careful when doing intraday trading with this pair for now, because the MACD indicator is showing oversold extremes, although as I said earlier, this is very normal because so hasty movement this pair had in yesterday’s session.
Fundamental Outlook: For today’s session, no data releases are expected in Australia, but in the U.S. at 12:30 GMT, the Unemployment Claims (Previous: 360K / Forecast: 347K) will be published and at 14:00 GMT the New Home Sales (Previous: 417K / Forecast: 429K) will be issued. If the current reading is higher than the forecast, we would expect bearish movements in the AUDUSD pair during the hour.
Trading recommendations for today: Based on the H1 chart, place SELL (short) orders only if the AUD/USD pair breaks with a bearish candlestick, the support level at 0.9672, take profit is at 0.9600, and stop loss is at 0.9718. Place BUY (long) orders only if the AUD/USD pair breaks with a bullish candlestick, the resistance level at 0.9718, take profit is at 0.9761, and stop loss is at 0.9672.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The AUDUSD pair is forming a higher low pattern over the support at the level of 0.9664. The Aussie continues to be very weak and in yesterday’s session it fell more than 120 pips, forming a support at 0.9664 level. If the AUDUSD pair breaks that support it is expected to fall to the support level of 0.9466 in the medium term. The situation is very clear on this pair, the weakness is great and if the Aussie breaks the 0.9675 weekly support at the end of this week, it is expected to fall to support at the 0.9369 level in the long term. We must be careful with this pair, because the MACD indicator is showing oversold extremes, although it is normal, due to the drop side has had this pair in recent weeks
H4 Chart: A similar situation presented in this chart, comparing it with the daily chart, the Aussie is forming a higher low pattern, preparing to break the bearish trend line that is near the 0.9650 level. If the pair breaks that trend line, it is expected to fall to support at the 0.9506 level, which is very likely and is supported by the MACD indicator, which is currently in negative territory and showing that there are still very strong bearish in this pair. However, if the AUDUSD pair breaks the resistance level at 0.9825, it is expected to rise to the level 0.9965. The Aussie remains well below the 200 SMA, supporting a bearish outlook on this chart for this pair.
H1 chart: In this chart, there are two possibilities to do a good intraday trading this pair. For one, the Aussie is forming a higher low pattern over the support at the level of 0.9672, if the pair breaks this support, it is expected to drop to the next support at the level of 0.9585. Moreover, if the pattern is not formed and the Aussie breaks the resistance level at 0.9718, it is expected to climb to the Point of Control (POC) to be formed in the resistance level at 0.9761. However, we must be careful when doing intraday trading with this pair for now, because the MACD indicator is showing oversold extremes, although as I said earlier, this is very normal because so hasty movement this pair had in yesterday’s session.
Fundamental Outlook: For today’s session, no data releases are expected in Australia, but in the U.S. at 12:30 GMT, the Unemployment Claims (Previous: 360K / Forecast: 347K) will be published and at 14:00 GMT the New Home Sales (Previous: 417K / Forecast: 429K) will be issued. If the current reading is higher than the forecast, we would expect bearish movements in the AUDUSD pair during the hour.
Trading recommendations for today: Based on the H1 chart, place SELL (short) orders only if the AUD/USD pair breaks with a bearish candlestick, the support level at 0.9672, take profit is at 0.9600, and stop loss is at 0.9718. Place BUY (long) orders only if the AUD/USD pair breaks with a bullish candlestick, the resistance level at 0.9718, take profit is at 0.9761, and stop loss is at 0.9672.
The material has been provided by InstaForex Company – www.instaforex.com
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