FX.co ★ Technical analysis of AUD/USD for October 6, 2015

Overview:

• The AUD/USD pair is still moving between 0.7131 and 0.7046. The daily pivot point is set at the level of 0.7093. Also, the daily pivot point is expected to act as minor support today. We think that the trend is going to call for a bearish market below the level of 0.7093 in the H4 chart. Additionally, it should be noted that a range about 85 pips is expected today. Shortly after that, sell at the level of 0.7093 with the first target at 0.7046 in order to form a double bottom, it might resume to 0.7001 to test the weekly support 1 today. However, the stop loss should never exceed your maximum exposure amounts. The stop loss should be placed above the resistance level at 0.7163.

Observations:

• The level of 0.7046 represents the double bottom and the daily pivot point is placed at 0.7093.
• Resistance will be faced at the level of 0.7131 today.
• The support has already been found at the level of 0.7001.
• We expect a new range about 85 pips today. The key level is seen at 0.7170.