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    Technical analysis of AUD/USD for April 16, 2015

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    Overview:
    • The support of the AUD/USD pair is likely to be formed at the level of 0.7680 because this level has also formed a double bottom at the ratio of 38.2% Fibonacci retracament. The AUD/USD pair has left the strong level at 0.7680 and is going to climb further to as high as 0.7770 this morning. Additionally, it should be noticed that a range for the AUD/USD pair is seen to be around 95 pips because the turbulent market was indicating higher volatility. Moreover, the price has been set above 38.2% of Fibonacci retracement levels since yesterday at the above-mentioned level. Consequently, we expect a saturation around the level of 0.7680. Hence, the market is likely to start showing the signs of the bullish market again in order to indicate a bullish opportunity from the levels of 0.7680 (38.2% of Fibonacci retracement levels in the H4 chart). Therefore, buy above 0.7680 with the first target at 0.7773. Besides, it will call for upward move in order to continue bullish development towards 0.7783 in order to test the golden ratio at the same time frame. On the other hand, if the bulls force to pull back at the level of 0.9250 and sellers can break this level, the best solution is to set the stop loss at the price of 0.7654.

    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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