Overview:
- According to the previous events, the price of the AUD/USD pair has still been moving between the levels of 0.8308 and 0.8214. As it is known, if the trend is downward, then the strength of the currency pair will be defined as following: USD is in uptrend and AUD is in downtrend. Consequently, we expect that the trend is going to call for a bearish market at the level of 0.8308 (23.6% Fibonacci retracement levels) on the H1 chart. Additionally, it should be noted that the range today will be about 73 pips. Thereupon, sell at the price of 0.8308 with the first target at 0.8250, it might resume to 0.8214 in order to test the double bottom. At the same time, the stop loss should never exceed your maximum exposure amounts. Accordingly, your stop loss should be placed above the 0.8345 level.
Intraday technical levels:
Date: 12/12/2014
Pair: AUD/USD
- R3: 0.8520
- R2: 0.8447
- R1: 0.8360
- PP: 0.8287
- S1: 0.8200
- S2: 0.8127
- S3: 0.8040
