Overview :

Pivot : 0.7132.

The level of of 0.7132 will form an important key price in coming hours, so probably to get a bullish market will be about 60% at the price of 0.7132 because our entry point (0.7132) is above the daily pivot point (0.7085). It will very profitable to focus on the daily pivot point because it is the most important level in trading. The trend of AUD/USD pair movement was controversial as it took place in the uptrend channel. Due to the previous events, the price is still set between the levels of 0.7132 and 0.7210. So it is recommended to be careful while making deals in these levels because the prices of 0.7132 and 0.7210 are representing the resistance and support respectively. Therefore, it is necessary to wait till the uptrend channel is passed through. Then the market will probably show the signs of a bullish market. On the one-hour chart, immediate resistance is seen at 0.7210, which coincides with a double top. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100) and (50), In other words, buy deals are recommended above the price of 0.7132 with the first target at the level of 0.7210. From this point, the pair is likely to begin an ascending movement to the price of 0.7255 with a view to test the major resistance at the 0.7296 level. AUD is trading positively against USD during today’s morning session, developing long -term (bullish) momentum and returning to local highs of yesterday in order to break out it. Hence, probably, the main scenario – is continued growth to objectives of 0.7210, 0.7255 and try to hit 0.7296. If the pair fails to pass through the level of 0.7210, the market will indicate a bearish opportunity below the first resistance level of 0.7210. In this regard, sell deals are recommended lower than the 0.7210 level with the first target at 0.7132 to return to the daily pivot. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 0.7085. However, the market is still in an uptrend. We still prefer the bullish scenario. According to the previous events the price is expected to remain between 0.7132 and 0.7296 levels. Buy-deals are recommended above 0.7132 with the first target seen at 0.7255 and 0.7296. The movement is likely to resume to the point 0.7210 and further to the point 0.7255 and 0.729.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.