07/01/15 AUDUSD to find new support at 0.8000


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AUDUSD continues on the bear after finding resistance on the daily chart by the 8 SMA. As the pair continues on the bear, the release of data from the U.S may subsequently drive the pair towards 0.8000 where it could pose as a psychological support level, preventing the pair from moving downwards further.

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Initial support at 0.8098 could tentatively turn into a resistance, preventing the pair from moving upwards and should market forces continue to persist, the pair may be sent towards 0.8041, the next closest support level.

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Expected range for candle movements today is between 0.8158 and 0.8041. However, volatility still depends on the release of U.S data later in the day.

Trend Direction  S3 S2 S1 R1 R2  R3  Entry Stop Loss  Exit
Bearish 0.8000 0.8041 0.8098 0.8158

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