Overview :
- The AUD/USD pair had fallen from the strong level of 0.8575 and extended further to as low as 0.8536 yesterday. So, the first resistance had placed at th level of 0.8575 since yesterday. Also, it should be noted that the minor resistance will form at 0.8536. Then, according to previous events, the price is going to move between 0.8536 and 0.8460 in the short term. The price of 0.8460 will form a new double bottom in H1 chart. Furthermore, the price has set below 23.6% of Fibonacci retracement levels, for that we expect a saturation around the level of 0.8575 or/and 0.8536. Consequently, it is probably that the market will start showing the signs of bearish market again in order to indicate a bearish opportunity from the level of 0.8536. Accordingly, sell below the level of 0.8536 with the first target at 0.8500, besides it will call for a downtrend in order to continue bearish towards 0.8460 in order to create a new bottom. On the other hand, if bears will have forced to pullback above the level of 0.8575 and buyers will be able to break this level, therefore the best solution is to set a stop loss at the price of 0.8593.
The material has been provided by InstaForex Company - www.instaforex.com
