AUD/USD: Murrey analysis 22 July 2019, 14:45

AUD/USD: Murrey analysis

22 July 2019, 14:45

Scenario
Timeframe	Weekly
Recommendation	BUY STOP
Entry Point	0.7085
Take Profit	0.7141
Stop Loss	0.7055
Key Levels	0.6927, 0.6958, 0.7018, 0.7080, 0.7141

Alternative scenario
Recommendation	SELL STOP
Entry Point	0.6988
Take Profit	0.6958, 0.6927
Stop Loss	0.7815
Key Levels	0.6927, 0.6958, 0.7018, 0.7080, 0.7141

For the second consecutive month, the pair continues to trade within the ascending corridor. On Friday, the instrument tested the upper border of the Murrey trading range at 0.7080 ([8/8]), but then corrected downwards. During the week, the level of 0.7080 can be tested again, as evidenced by the upward Bollinger Bands and MACD histogram growing in the positive zone. If successful, the price may reach the level of 0.7141 ([+2/8]). But a serious decrease will be possible only if the instrument is consolidated below the 0.7018 ([6/8]) and the midline of Bollinger Bands. In this case, the fall will be possible to the levels of 0.6958 ([4/8]) and 0.6927 ([3/8], the bottom line of Bollinger Bands). But so far this scenario seems less probable.
Support and resistance
Resistance levels: 0.7080, 0.7141.
Support levels: 0.7018, 0.6958, 0.6927.

Trading tips
Long positions may be opened above 0.7080 with the target at 0.7141 and stop loss at 0.7055.
Short positions may be opened from 0.6988 with targets at 0.6958, 0.6927 and stop loss at 0.7815.
Implementation period: 3-4 days.