Overview :
- According to the previous events, the price of the AUD/USD pair has still been trapped between the levels of 0.8169 and 0.8226. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bearish signs. In other words, it will be a good sign to sell below 0.0.8222 (it should be noted the the level of 0.8254 will form a double top on the H1 chart) with the first target at 0.8195 and the price will fall towards the 0.8169 level which represents the rate of 61.8% Fibonacci retracement levels. However, if the pair fails to break and close below the price of 0.8169, the market will indicate a bullish opportunity above 0.8170, and the level of 0.8170 will really act as a strong support. It will be a good sign to buy above 0.8170 with the first target at 0.8206 and it will call for an uptrend in order to continue bullish movement towards 0.0.8254 in order to test the double top.
The material has been provided by InstaForex Company - www.instaforex.com
