Technical analysis of AUD/USD for July 23, 2015 Market Analysis Review

Overview :

• The AUD/USD pair has still moved between 0.7327 and 0.7490 since last week (trading in sideways). Equally important, the resistance set at the level of 0.7524 and support is at 0.7324. But today, the minor support is found at 0.7345. Accordingly, if the trend fails to close below the level of minor support (0.7345), it will be a good opportunity to buy above 0.7340 with the first target at 0.7455. It is expected to continue straight towards 0.7524 in order to test the weekly resistance. Notwithstanding, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. Consequently, the best location to set your stop loss should be placed below the double bottom at the level of 0.7327.

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