Can the sellers force the AUDUSD lower at 0.7637?
The pair has been recently oscillating between the range of 0.7733 and 0.7637 as the sellers were able to overtake the buyers and lead the price.
The sellers attempted to place greater pressures since the 20th of October 2016 and were indeed the big gainers with a profit of almost 100 pips to their favour. Today’s major pivot point area is the 0.7637 level.
Probable Scenario
The latest stabilization of the pair slightly close to the 0.7637 area is a good indication that the price may retrace once again to the downside.
In the event where the pair drops, the sellers could lock their profit at 0.7580.
The Stochastic oscillator confirms the downtrend formation thus showing that the pair has greater probabilities of retracing downwards.
Alternative Scenario
In contrast, in the condition where the bullish pressures get more tensed and the pair breaks above the 0.7656 level, the price could rise to 0.7733.
Today’s Major Announcements
Synopsis
· Probable trend (Bearish): 0.7637
· Bearish take profit target: 0.7580
· Stop loss target: 0.7656
· Alternative trend (Bullish): 0.7656
· Bullish take profit target: 0.7733
