The AUD/USD pair hit the weekly pivot point and resistance 1, because of the series of relatively equal highs and equal lows. But, the pair has dropped down from the price of 0.6800 in order to bottom at the point of 0.6740. Hence, the major support was already set at the level of 0.6740. Moreover, the double bottom is also coinciding with the major support this week. Equally important, the RSI and the moving average (100) are still calling for a downtrend. Therefore, the market indicates a bearish opportunity at the level of 0.6800. Today, in the one-hour chart, the current rise will remain within a framework of correction. From this point, sell orders are recommended below the spot of 0.6800 with the first target at the level of 0.6740. If the pair succeeds to pass through the level of 0.6740, the market will indicate a bearish opportunity below the level of 0.6711.
Trading recommendations:
According to the previous events of AUD/USD pair in the Forex market, the price has still been trading between the level of 0.6800 and the 0.6740 level. Therefore, it will be advantageous to sell below 0.6800 with a first target 0.6740 in order to test the double point. It may resume to 0.6711 if the price is able to break 0.6740. On the other hand, stop loss should always be in account, consequently, it will be of wholesome to set the stop loss above the resistance 1 at the price of 0.6833. Today, in the one-hour chart, the current rise will remain within a framework of correction.
