Amid strong data on the foreign trade, this morning the pair AUD/USD has reached the level of 0.7323, which is crossed by the line ЕМА200 on the daily chart. In anticipation of the release of NFPR, the pair AUD/USD is unlikely to go up to the strong resistance level.
Although on the daily chart the indicators OsMA and Stochastic give buy signals, on 4-hour chart the indicators are reversing towards the short positions; the price is near the upper limit of the ascending channel. Nevertheless, further movement direction will be depend on the US and Australian data and fluctuation of the prices of oil, gas and other commodities. In case of breakdown of the resistance level of 0.7323 the price can go up to the levels of 0.7415 (ЕМА50 on the weekly chart) and 0.7510 (Fibonacci 23.6%).
In order to return to the downward channel on the daily chart with the bottom limit of 0.6600, the price shall break down support levels of 0.7225 (ЕМА144) and 0.7140 (ЕМА50 on the daily chart).
In such case the first target will be at the level of 0.6910 (middle of the downward channel on the daily chart and Fibonacci 0% to the last wave of decline since July 2014. Further targets are 0.6600 (bottom limit of the downward channel on the daily chart) and 0.6350, 0.6000 (lows of 2008 – 2009).
Support levels: 0.7225, 0.7175, 0.7140, 0.7100, 0.7000, 0.6975, 0.6910 and 0.6860.
Resistance levels: 0.7323, 0.7415 and 0.7510.
Sell Stop 0.7150.
Take-Profit 0.7100, 0.6975, 0.6950, 0.6910, 0.6860, 0.6810.
Buy Stop 0.7240.
Take-Profit 0.7300, 0.7330, 0.7510.