Tuesday, April 26, 2016

AUD/USD: Technical Analysis

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Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.7855
Take Profit 0.7985
Stop Loss 0.7805
Key Levels 0.7491, 0.7597, 0.7653, 0.7834, 0.7851, 0.8000

Alternative Scenario
Recommendation SELL STOP
Entry Point 0.7587
Take Profit 0.7501
Stop Loss 0.7617
Key Levels 0.7491, 0.7597, 0.7653, 0.7834, 0.7851, 0.8000 

AUD/USD, D1
On the daily chart, the pair is trading in the upper Bollinger band. The price remains above its moving averages that are directed up. The RSI keeps developing Bearish dynamics and is currently turning up to retest its longer MA. The Composite turned up as it failed to retest its most recent support.


AUD/USD, H4
On the 4-hour chart, the pair is trading just below the middle MA of Bollinger Bands. The price remains just above the EMA65 and EMA130 that are horizontal. The RSI is about to retest its longer MA. The Composite is approaching its most recent resistance.



Key Levels
Support levels: 0.7653 (last week’s gap), 0.7597 (June 2015 lows), 0.7491 (beginning of April lows).
Resistance levels: 0.7834 (local highs), 0.7851 (61.8% Fibonacci retracement), 0.8000 (psychologically important level).

Trading Tips
Long positions can be opened from the level of 0.7855 with the target at 0.7985 and stop-loss at 0.7805. Validity – 3-4 days.
Short positions can be opened from the level of 0.7587 with the target at 0.7501 and stop-loss at 0.7617. Validity – 3-4 days.

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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS 
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. 
 Do your own due diligence. 
No one knows tomorrow's price or circumstance. 
 I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader. 
I do not accept responsibility for being incorrect in my speculations on market trend.