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01.07.201512:46 Forex Analysis & Reviews: Technical analysis of AUD/USD for July 1, 2015

Long-term review

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Overview:

The AUD/USD pair has formed support at the level of 0.7590; and the area of 0.7586 is probably going to compose a double bottom on the H4 chart. Consequently, the price of 0.8100 will form a new bearish wave and will act as a strong support this week. So it will be a good sign to buy above the level of 0.7586 (00% of Fibonacci retracement levels at he same chart) with the first target of 0.7700 and further to 0.7806. The level of 0.7806 will act as a strong resistance today for that it will be a good place to take profit below the 0.7806 level.
Nevertheless, in case a reversal takes place and the AUD/USD breaks through the support at the price of 0.7575, the market will be leat to a further decline towards the 0.7521 level.

Intraday technical levels:

Date:1/07/2015

Pair: AUD/USD

R3: 0.7796
R2: 0.7759
R1: 0.7732
PP: 0.7695
S1: 0.7668
S2: 0.7631
S3: 0.7604

Warning:

Range: 64pips.
Risk of 64pips must make a profit of 96.00.
A risk to reward ratio of 1:1.5 is recommended.

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