Quotes of the currency pair AUD/USD fell sharply in the first hours after the opening of trading on Monday. Even before the analysts determined that the intraday reversals will occur at points (S1) 0,8757; (P) 0,8805; (R1) 0,8846. However, this forecast has lost relevance.
A sharp drop in the pair AUD/USD exchange rate fluctuations led to above $ 0.8642. Inside the fluorescent offset currently become neutral. "It is possible the formation of consolidation," - noted the analysts of the Forex Broker Company TraderGlobal.
In the case of recovery, experts predict that the quotes pair AUD/USD will fluctuate within the range of 0.9401 to 0.8642, where 0.8932 is becoming an important resistance level. Break of 0.8642 support will extend the drop pair AUD/USD to a long-term Fibonacci level 0.8544. The fall of the AUD/USD from 1.1079 is treated as the maximum mid-term correction. Since quotes are below the moving average for the 55 weeks, the bearish outlook remains valid. Confident breakdown support level 0.8659 is likely to continue to allow a drop in prices pair AUD/USD within the range from 0.6008 to 1.1079, where the following minimum is formed at the level of 0.8544, and becomes an important resistance level 0.7945 point .
Trading recommendations
In the case of recovery of quotations AUD/USD, breaking 0.9504 will signal to the formation of the medium-term reversal. While this level of resistance remains intact, bullish forecasts are not relevant, even if we will see a strong rebound from current levels. Asian stock indexes retreated from month highs on concern slowing growth in China, which intensified after the publication of weak data on the manufacturing sector and the service sector. Hang Seng fell 0.34% and NIFTY - fell to 0.187%. Asx dipped 0.36%, while Nzx 50 rose by 0.6%. The Kospi lost 0.6%. Meanwhile, Nikkei 225 gained 4.83%, following growth of USD/JPY. Futures on the S&P 500fell 0.12%, after Friday closed at record highs.
Recall that on Monday, the data on business activity in the US industry will be out. "And at the junction of Monday and Tuesday will be published rate of the Reserve Bank of Australia, which can also significantly affect the volatility in the pair AUD/USD", - reported experts of TraderGlobal (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/).
