Hrly AUD/USD looking a little overdone to the downside here. Bollinger Bands are looking a little wide, so we could see a mean reversion back to the middle of the 1StD BBs soon.
Watching the lower band to hold as resistance. Any bullish activity through the lower band may retrace back to the middle, which will probably correlate with the Pivot Point level at 0.79090 and be an important area of resistance.
If price action is rejected from the lower BB, then we could see a test down to support at PP level S1 at 0.78550. At this level the bands are likely to be extreme, so we could see a solid bounce back to the mean.
The key here is to watch how the market reacts to these levels and act accordingly.
Watching the lower band to hold as resistance. Any bullish activity through the lower band may retrace back to the middle, which will probably correlate with the Pivot Point level at 0.79090 and be an important area of resistance.
If price action is rejected from the lower BB, then we could see a test down to support at PP level S1 at 0.78550. At this level the bands are likely to be extreme, so we could see a solid bounce back to the mean.
The key here is to watch how the market reacts to these levels and act accordingly.