Technical analysis of AUD/USD for December 15, 2015

Overview:

• According to the previous events, the AUD/USD pair is going to move between support and resistance today. The support and resistance are placed at the levels of 0.7212 and 0.7298 respectively. The resistance is set at the level of 0.7298. Consequently the market will indicate a bearish opportunity below 0.7298, because the level of 0.7298 is going to act as strong resistance on December 15, 2015. Therefore, sell below this level today with the first target at 0.7212 in order to test the weekly pivot point in the H1 chart. Equally important, if the trend succeeds in closing below 0.7212, then the market will be continuing in downtrend below the weekly pivot point towards the level of 0.7195 with a view to test the double bottom. However, the stop loss should be placed above 0.7300 at the level of 0.7345.

The material has been provided by InstaForex Company – www.instaforex.com