Is the 0.7429 a bearish opportunity on the AUDUSD?
The AUDUSD has been mostly oscillating, since the 8th of December 2016, within a downside formation between the range of 0.7507 and 0.7429 respectively.
Both the buyers and the sellers are now placing strong pressures in their attempts of taking control over the pair’s price.
The price is now oscillating above the 0.7429 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair breaks below the 0.7429 area, the price could be forced to decline to lower zones such as the 0.7381 level.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 65 level.
Alternative Scenario
Alternatively, should the buyers take the lead and boost the price above the 0.7467 area Fibonacci’s 50.0% the pair could appreciate as high as 0.7507.
Today’s Major Announcements
- There are no any releases that could have an impact on the Australian dollar
- The Baker Hughes U.S. Oil Rig Count release is expected to have a medium influence on the U.S. dollar
Synopsis
· Probable trend (Bearish): 0.7429
· Bearish take profit target: 0.7381
· Stop loss target: 0.7467
· Alternative trend (Bullish): 0.7467
· Bullish take profit target: 0.7507
