fxplan

AUDUSD: Forecast (Mar 16-18, 2016)

AUDUSD: edged lower after testing 0.7600 resistance(support-turned-resistance). Further rise is still expected as long as 0.7390 support holds, above 0.7600 would target 0.7850.

Short-Term

  • Support:
    S1= 0.7440 (Daily low)
    S2= 0.7390 (Mar 7th low)
    S3= 0.7345 (50% Retracement level)
  • Resistance:
    R1= 0.7490 (Mar 14th lows)
    R2= 0.7527 (Mar 15th high)
    R3= 0.7583 (Mar 11st high)

Trading Tips: we see a bearish divergence in 4 hours MACD, break of 0.7390 will bring a deeper fall.

  • upside: the resistance can be seen at 0.7527, a break above could target at 0.7583.
  • downside:  the support can be seen at 0.7440, a break below will target 0.7390.

Strategy: sell if price breaks out of triagle!

  • sell below @0.7440, SL @0.7490, TP @0.7411 || 0.7390 || 0.7345

day
4h h1