It should be noted that:
Range: 58 pips
Volatility: 60.60, therefore the market indicates a higher volatility.
In the point of 1.0535 a strong resistance will be formed. Sellers are asking for a high price.
In the point of 1.0361 a strong support will be formed. Buyers are bidding at a lower price.
Overview:
AUD/USD: According to the previous events, the price has still been trapped between 1.0500 and 1.0460. Therefore, first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bullish signs. In other words, it will be a good sign to buy above 1.0361 with the first target at 1.0485 and the price will climb towards 1.0530. However, if the pair fails to break 1.0535, the market will indicate a bearish opportunity below 1.0535, then the level will really act as strong resistance, it wil be a good sign to sell below 1.0435 with the first target at 1.0423 and it will call for a downtrend in order to continue bearish movement towards 1.0360.
Intraday technical levels:
R3: 1.0535
R2: 1.0506
R1: 1.0477
PP: 1.0448
S1: 1.0419
S2: 1.0390
S3: 1.0361
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
