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Technical analysis of AUD/USD for March 10, 2015

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Overview:
  • According to the previous information, the price of AUD/USD pair has still trapped between the levels of 0.7603 and 0.7685. So, in the daily trading the range of this pair today is likely to be about 82 pips. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bearish signs. In other words, it will be a good sign to sell below 0.7690 with the first target at 0.7600, and the price will drop towards 0.7550 in order to form a new double bottom on the H4 chart. However, if the pair fails to break 0.7600, the market will indicate a bullish opportunity above 0.76010 because this price will really act as a strong support. Hence, it will be a good sign to buy above 0.7610 with the first target at 0.7660 and it will call for an uptrend in order to continue bullish movement towards 0.7682 on March 10, 2015.

Mourad El Keddani neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
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