AUDUSD technical analysis

AUDUSD - Daily

Market (21 above 55) is bullish. Price (5 above 8) is bullish. Stochastic is moving down. Resistance levels at MR1/0.805, MM4/0.81 and MR2/0.815. Support levels at 0.80/MM3, MPP/0.795 and MM2/0.79. Price has hit the Bulls profit zone and as per pivot point theory price might return to MPP.

AUDUSD - H4

Market (21 above 55) is flat. Price (5 above 8) is flat and almost converging. Stochastic is oversold and moving up. Resistance levels at WPP/0.805/38.2 Fib, 50.0 Fib/MR1, 61.8 Fib/WM3. Support levels at WM2/0.80/MM3, WS1/0.795 and MPP. I am expecting price to find resistance in the fib zone and are looking for a sell at 38.2 fib level. If price breaks through that level, I will look at the next fib level for resistance. Be aware that Bulls will defend the WM2 support level and try to push price up to WM4.

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