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18.06.201501:06 Forex Analysis & Reviews: AUD/USD at the top of the range

Long-term review

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AUD/USD continues to move sideways within 130 pips corridor. The pair found strong support near 0.7630 and resistance is seen near 0.7770.

On June 17, AUD/USD tested the resistance once again failing to break it. While the resistance holds the uptrend, trendline was broken. The 23.6% level of the Fibonacci applied to the trendline breaking point showing that S4 support (0.7667) was also broken. Besides, the Demarker oscillator is moving under the downtrend trendline.

All the facts suggest that downward move should be the next, therefore consider selling AUD/USD near R1, which is 76.4% Fibonacci resistance level at 0.7753. A target is at the key support, which is also a 0% Fibonacci level S5 (0.7630). A break above R2 (0.7792) will invalidate this forecast and is expected to push the rate up.

Support: 0.7730, 0.7710, 0.7691, 0.76679, 0.7629

Resistance: 0.7753, 0.7792

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