Long-term review
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Overview:
- As it is known, buyers are bidding for a lower price. Therefore, the first key level will set at the level of 0.7056 and the second key level will set at the 0.7021 level on September 11, 2015. Also, it should be noted that the levels of 0.7056 and 0.7021 are coinciding with the ratios of 50% Fibonacci retracement levels and 38.2% respectively. Equally important, the price of the AUD/USD pair has still moved between 0.7050 and 0.7141 . Additionally, it should be noted that a range about 90 pips is expected today. Furthermore, the trend will be very clear. We expect that the trend is going to call for a bullish market at the level of 0.7050 in the H1 chart. As a result, buy at the level of 0.7050 with the first target at 0.7112, it might resume to 0.7141 in order to test the weekly resistance 1. on the other hand, your stop loss should be placed below 0.7021, thus it will be helpful to set the stop loss at the level of 0.7005.
Observations:
- Support is found at the level of 0.7021 and resistance has already place at 0.7141. Hence, we expect a range between 90 pips and 120 pips today.
- If the trend is buoyant, the strength of the currency will be defined as following: AUD is in an uptrend and USD is in a downtrend.
- Stop loss should never exceed your maximum exposure amounts.
- As a rule, the market is highly volatile if the previous day had huge volatility.
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