DESCRIPTION:
After the break of 1.0275, the AUD/USD pair tried to reach its target at 1.0475 but it faced a Strong Resistance at 1.0375. Thus, this currency fell down and found they Strong Support at 1.0275; fortunately after this pair touched this level it came back again to the upside way, and all the three Moving Averages already has formed the "Golden Cross" formation pattern which indicates the Bullish momentum already back to this currency, especial if this pair can break and close above the level of 1.3375.
Recommendation:
BUY stop (pending order) at 1.0369.
Take profit 1 at 1.0380.
Take profit 2 at 1.0398 (optional).
Stop loss at 1.0352.
Alternative:
SELL stop (pending order) at 1.0333.
Take profit 1 at 1.0322.
Take profit 2 at 1.0304 (optional).
Stop loss at 1.0352.
Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
https://instaforex.com
E-mail: Arief.jakarta@indo.instaforex.com
Disclaimer:
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
