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The trend of AUD/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability.
Due to the previous events, the price is still set between the levels of 0.7695 and 0.7775, so it is recommended to be careful while making deals in these levels because the prices of 0.7775 and 0.7695 are representing the resistance and support respectively.
Therefore, it is necessary to wait till the downtrend channel (or uptrend) channel is passed through. Then the market will probably show the signs of a bearish (or bullish) market.
The AUD/USD pair broke resistance which turned to strong support at the level of 0.7695 yesterday. The level of 0.7695 coincides with the last bearish wave, which is expected to act as major support today.
The Relative Strength Index (RSI) is considered overbought because it is above 45. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100). This suggests the pair will probably go up in coming hours.
Accordingly, the market is likely to show signs of a bullish trend above the area of 0.7660 - 0.7695. In other words, buy orders are recommended above spot of 0.7660 - 0.7695. with the first target at the level of 0.7775.
From this point, the pair is likely to begin an ascending movement to the point of 0.7775 and further to the level of 0.7807.
The level of 0.7807 will act as strong resistance and the double top is already set at the point of 0.7807. We should see the pair climbing towards the double top (0.7807) to test it.
However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.7625.
Downtrend scenario :
An downtrend will start as soon, as the market drops below support level 0.7695, which will be followed by moving down to support level 0.7660. Therefore, a possibility that the AUD/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.7660, sell below 0.7660 with the first targets at 0.7600 and 0.7550.
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