Trading recommendations:
- As it is known, sellers are asking for a higher price as well as buyers are looking for a lower price. Therefore, the first key level will set at 0.7420. The second key level will set at 0.7380 today. Equally important, the AUD/USD pair has been trading between 0.7420 and 0.7283. Additionally, it should be noted that the range was about 76 pips today and around 173 till next week. Furthermore, the trend was very clear and was indicating downtrend. We expect that the trend is going to call for a bearish market at the level of 0.7420 in the H1 chart (last top). As a result, sell at the level of 0.7420 with the first target at 0.7314. It might resume to 0.7283 in order to test the support. Also, it should be noted that the double bottom will set at 0.7234. On the other hand, your stop loss should be placed above the level of 0.7420, Thus, it will be helpful to set it at the level of 0.7463.
