AUD/USD: The Rise by 12% Since the Beginning of the Year
After yesterday’s speech by the head of the US fed Jante Yellen the pair AUD/USD rebounded from support level of 0.7510 (Fibonacci 23.6% in the last wave of decline since July 2014) and exceeded 8-month highs trading at the level of the lows of February 2015. The pair may rise up to resistance level of 0.7875 (Fibonacci 38.2%), 0.8170 (Fibonacci 50%, ЕМА144 on the weekly chart, ЕМА200 on the monthly chart).
On the daily, weekly and monthly charts the indicators OsMA and Stochastic recommend to open long positions. However, further rise can be prevented if RBA will lower interest rate at the meeting on 5 April.
The decline in price below the level of 0.7510 may trigger further fall. However consolidation of the price below the level of 0.7300 (ЕМА144 on the daily chart) may bring the pair back to the downtrend.
Support levels: 0.7560, 0.7510, 0.7430, 0.7360 and 0.7300.
Resistance levels: 0.7680, 0.7875 and 0.8170.
Trading tips
Sell Stop: 0.7620. Stop-Loss: 0.7670. Take-Profit: 0.7560, 0.7510, 0.7430, 0.7360 and 0.7300.
Buy Stop: 0.7690. Stop-Loss: 0.7640. Take-Profit: 0.7750, 0.7875 and 0.8170.
The material has been provided by LiteForex - Finance Services Company - www.liteforex.com
