The bearish pressures on the AUDUSD pair were more tensed since the 29th of January 2016 where the price was forced to decline from 0.7126 to 0.7047.
Since the opening of today’s trading session, the 1st of February 2016, the price has stabilized above the 0.7047 zone.
Today’s major pivot point level is 0.7047an area where both the bulls and the bears will attempt to take control over the pair.
Probable Scenario
The Stochastic oscillator’s latest formation indicates that the price has greater chances this time to retrace to the upside at the 20 level.
In the event where the buyers surpass the sellers in volume, the pair could once again rise to 0.7126, Fibonacci’s 100.0%, and 0.7254, Fibonacci’s 161.8%.
Alternative Scenario
In contrast, in the scenario where the sellers increase their pressures and manage to force the price below the 0.6997 level, the pair could drop to 0.6965 and 0.6914.
Today’s Major Announcements
- There are no any major announcements that could strongly impact the Australian dollar
- The Personal Consumption Expenditures – Price Index (YoY) (Dec), the Core Personal Consumption Expenditure – Price Index (MoM) (Dec), the Personal Income (MoM) (Dec), the Personal Consumption Expenditure – Price Index (MoM) (Dec), the Personal Spending (Dec), the Core Personal Consumption Expenditure – Price Index (YoY) (Dec), the Markit Manufacturing PMI (Jan), the ISM Prices paid (Jan), the ISM Manufacturing PMI (Jan), the Construction Spending (MoM) (Dec), and the Fed’s Stanley Fischer speech releases are expected to have a medium impact on the U.S. dollar
Synopsis
- Probable trend (Bullish):0.7047
- Bullish take profit targets:0.7126, 0.7254
- Stop loss target:0.6997
- Alternative trend (Bearish): 0.6997
Bearish take profit targets:0.6965, 0.6914