AUD/USD pair closed at the level of 0.7674 yesterday. Also, the price has been
above the ratio of 11.8% Fibonacci retracement levels in the H4 chart. The
market has expanded further to a high of 0.7733 today. Consequently, it should
be noted that the price has formed a strong support at the level of 0.7664 and
the double bottom has been already placed at the 0.7597. Moreover, these strong
levels are still between 38.2% of Fibonacci retracement levels and the double bottom
in the same time frame. The market will start showing bullish signs again in
order to indicate a bullish opportunity from the level of 0.7664 with a target
towards the strong resistance around 0.7802. Additionally, it should be mentioned that the level of 0.7813
is going to form a double top. Bulls will be forced to pull back at this spot.
As a result, it will be profitable to sell at 0.7813 with a target at 0.7725.
It might resume to the level of 0.7666 in the short term.
- We expect a range between the levels of 0.7664 and 0.7813.
- The key level is seen at 0.7720.
The material has been provided by InstaForex Company – www.instaforex.com