Technical analysis of AUD/USD for June 16, 2015 Market Analysis Review

Trading recommendations:

• According to the previous events, the AUD/USD pair is still moving between the levels of 0.7708 and 0.7771.
• The descending movement is likely to take place below 0.7770 with the first targets at 0.7740 and 0.7710.
• On the other hand, stop loss should always be in account for that you have to set your stop loss above the last bullish wave at the level of 0.7790.

Observations:

• Resistance is seen at 0.7770 (sell below this level).
• Support has already placed at 0.7678 (buy above this level for retesting this level because the trend still calls for the bullish market in the short term).
• A double bottom is seen at the level of 0.7680.
• We expect a range of 274 this week.

The material has been provided by InstaForex Company - www.instaforex.com

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