Can AUDUSD Take The Lead And Overcome Bearish Pressures?

The buyers of the Australian dollar were the big profit makers since January 15th, 2016, whereas the sellers lost ground, either having made a minor profit on the retracements or faced huge loses.

The pair is now oscillating between the range of 0.6943 and 0.7019 respectively.

The price has currently stabilized close to the 0.7019 level which is today’s major pivot point area.

Probable Scenario

In the scenario where the buyers are able to withhold the pair close to the 0.7019 zone, they could boost the price to upper areas such as the 0.7075 level, Fibonacci 50.0%, and the 0.7133 level, Fibonacci 61.8%.

AUDUSD

Alternative Scenario

In contrast, in the condition where today’s events and announcements turn the AUD/USD bearish, the price could drop as low as 0.6827 after an aggressive downside break at the 0.6943 zone.

Today’s Major Announcements

  • The Chicago Fed National Activity Index (Dec), the Markit Manufacturing PMI (Jan), the CB Leading Indicator (MoM) (Dec), and the Baker Hughes US Oil Rig Count releases are expected to have a medium impact on the U.S. dollar
  • There are no any major announcements that could influence the Australian dollar

Synopsis

  • Probable trend (Bullish):0.7019
  • Bullish take profit targets:0.7075, 0.7133
  • Stop loss target: 0.6943
  • Alternative trend (Bearish): 0.6943

Bearish take profit target: 0.6827