What happened at the end of last weeks trading session
AUD/USD: The Australian dollar sold off at the last two days of the week and attempted to make a move to the upside after touching the lows of 0.72796 but failed at 0.73208 and finished the last session of the week moving sideways and eventually closed the session at 0.72954.
What is going on now
AUD/USD: The Australian dollar kicks off the first trading day of the week at 0.72697 and is currently trading at 0.72857 just below 0.72902 resistance and attempts to push through to head back up.
My thoughts on what may happen
1. AUD/USD needs to break and hold above 0.72902 to continue to its next test at 0.73052. If successful at 0.73052, then the Aussie dollar might continue to the next resistance point at 0.73208. The pair looks to be settling down after the fall in last weeks session, and we might see some progressive movements to the upside if it holds above 0.73208.
2. Current support - 0.72796, 0.72697
3. Resistance - 0.72902, 0.73052, 0.73208, 0.73300, 0.73500
4. It is a good practice to apply a stop loss to your trades to protect your capital in case the market moves against your position.
The 60 minutes price chart highlights the direction of the trend and the support and resistance price level
The four hours price chart highlights the same view as the 60 minutes price chart but in a longer time frame
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