AUD/USD: Murrey analysis 11 May 2018, 15:14

AUD/USD: Murrey analysis

11 May 2018, 15:14

Scenario
Timeframe	Weekly
Recommendation	BUY STOP
Entry Point	0.7580
Take Profit	0.7690, 0.7812
Stop Loss	0.7520
Key Levels	0.7324, 0.7446, 0.7568, 0.7690, 0.7812

Alternative scenario
Recommendation	SELL STOP
Entry Point	0.7510
Take Profit	0.7446, 0.7324
Stop Loss	0.7560
Key Levels	0.7324, 0.7446, 0.7568, 0.7690, 0.7812

On D1 chart, the instrument rebounded from the 0.7446 mark ([5/8]) and approaches the level of 0.7568 ([6/8]) near the midline of Bollinger Bands. It is seen as the key for "bulls", its breakout can lead to an increase to the area of 0.7690 ([7/8]) and 0.7812 ([8/8]) marks. Otherwise, the price may return to the May lows in the area of 0.7446 and fall below the level of 0.7324 ([4/8], the center of the trading range). Technical indicators generally allow growth: Stochastic is directed upwards, and MACD histogram is reducing in the negative zone.
Support and resistance
Support levels: 0.7446 ([5/8]), 0.7324 ([4/8]).
Resistance levels: 0.7568 ([6/8]), 0.7690 ([7/8]), 0.7812 ([8/8]).

Trading tips
Long positions may be opened when consolidating above the 0.7568 mark and the midline of Bollinger Bands with targets of 0.7690, 0.7812 and stop-loss at 0.7520.
Short positions may be opened if the instrument is reversed in the area of 0.7568 from the 0.7510 mark with targets at 0.7446, 0.7324 and stop-loss at 0.7560.
Implementation time: 5-7 days.