- The AUD/USD pair will continue rising straight from the level of 0.7696 in еру H4 chart. It is likely to form a double bottom at the level of 0.7696. Therefore, the aussie is showing signs of strenght following the break of the highest level of 0.7700. So,
it will be a good sign to buy in the short term above the level of 23.6% of Fibonacci retracement levels (0.7700) with the first target at 0.7785 in order to retest the daily pivot point and further 0.8740 (the price of 0.7857 will act as strong resistance, hence it is going to be a good place to take profit). Also, it should be noted that this level will coincide at 50% of Fibonacci.
- On the other hand, in case a reversal takes place and AUD/USD breaks through the support level of 0.7700, the market will make a further decline to 0.7624 with a view to indicate the bearish market today.
Intraday technical levels:
- R3: 0.7885
- R2: 0.7851
- R1: 0.7817
- PP: 0.7783
- S1: 0.7749
- S2: 0.7715
- S3: 0.7681
The material has been provided by InstaForex Company – www.instaforex.com