Overview:
- The price of the AUD/USD pair has still been trapped between 0.9370 and 0.9303. Therefore, the first step is to wait for a period of the tight sideways market before breakouts because resistance had set at the price of 0.9380 and the support stood at 0.93. Then, probably, the market is going to start showing bearish signs. In other words, it will be a good sign to sell below 0.9383 (the level of 0.9203 has formed a double top for two weeks) with the first target at 0.9337. The price will climb towards 0.93 in order to to test the lowest level. Also, it should bo noted that the level of 0.9301 is representing a minor support. Moreover, the major support had already set at 0.9203 in the daily chart.
- However, if the pair fails to break 0.9385, the market will indicate a bullish opportunity above 0.9385, then the level will act as strong support. Hence, it will be a good sign to buy above 0.9385 with the first target at 0.9420. It will call for an uptrend in order to continue bullish movement towards 0.9566 in coming days.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of AUD/USD for July 10, 2014 . Thanks for your support on Technical analysis of AUD/USD for July 10, 2014
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