Overview:
- The support of the USD/USD pair has already set at the price of 0.9220. In H4 chart, the ratio of 50% Fibonacci retracement levels is coinciding with the support on April 30, 2014. Moreover, it should be noted that the minor resistance will set at the 0.9360 price today. So, according to the previous events, the AUD/USD pair is going to move between the resistance and the support. As a rule, history will probably repeat itself at this level again. Therefore, we expect a range about 63 pips. Consequently, if the trend fails to close below the level of 0.9220, then it will be a good opportunity to buy above 0.9010 with the first target at 0.9303, then it will be continued straight towards 0.9360 (0.9360: 78,6% Fibonacci retracement levels).
- Notwithstanding, the stop loss should always be taken into account because it should never exceed your maximum exposure amounts. Thus, the best location to set your stop loss should be placed below the level of 0.9175.
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