Technical Analysis 06/04/15
The Australian Dollar finds exhaustion at Fibonacci Expansion 200.0% at 0.7562. Last Friday’s release of a weak U.S Non-Farm Employment Change data pushed prices back up above 0.76 after reaching a low of 0.7532. With a weak Dollar in sight at least for the month, the pair is expected to continue rising at least towards 0.8000, a strong psychological resistance price.
Observing the daily chart, candles now form a double bottom formation after prices refused to closed below 0.7550. Traders can engage in a longing position and hold for the week given the bullishness of the pair. Should the Dollar continue to weaken further, prices can be expected to rise towards the resistance at 0.7900 before candles re-test 0.8000.
Focusing on the H4 chart, candles were observed to find resistance at 0.7659 after the surge in prices. Candles are expected to continue retracing towards 0.7601 before the bullish run of the pair continues. For slightly aggressive traders, they can set a buy limit at 0.7600 or engage in a longing position after candles show a clear breaking of resistance at 0.7659.
Source:https://www.atozforex.com/news/060415-the-australian-dollar-finds-exhaustion-at-fibonacci-expansion-200-0-at-0-7562/?utm_source=Twitter&utm_medium=Banner&utm_campaign=News
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