Today’s Forex Guide

Aussie Dollar to US Dollar Consolidated at Pivot Level


May.19.2015

[caption id="attachment_9434" align="alignnone" width="1903"]AUD/USD Daily Aussie dollar dancing against US dollar (AUD/USD) is back above the Ichimoku cloud and confirmed above 23% Fibonacci.[/caption]

1:15 AM (EST) Update: The Aussie dollar dancing against US dollar (AUD/USD)  is back above the Ichimoku cloud and confirmed above 23% Fibonacci.

AUD/USD Daily: Testing Pivot Level at 23% Fibonacci 0.7982

Forex Trading idea: If the pair can't break below the 23% Fibonacci we can expect another wave of up moves towards 38% Fibonacci at 0.8245

Technical Analysis: The Australian dollar dancing against US dollar (AUD/USD)  is back above the Ichimoku cloud and confirmed above 23% Fibonacci. However currently  it is facing a pullback forming a spinning top right at this key resistance-turned-support level.  While it could be temporary, we are expecting more rallies from Australian dollar towards the 38% Fibonacci. The RSI remains flat below the oversold zone.

Alternative Scenario: Below 0.7731 look for a reversal back to the 0.75 level

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
0.76 0.7980 0.8150
0.75 0.7731 0.8245

 

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