Overview :
According to the previous events, the price of the AUD/USD pair has been still trapped between 0.7630 and 0.7692. So, today, the range of this pair is likely to be about 62 pips. 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 from the last strong resistance which is set at the level of 0.7710 (50% of Fibonacci retracement levels). In other words, it will be a good sign to sell below 0.7710 with the first target at 0.7670, and the price will drop to the level of 0.7631 in order to test this strong support on March 17, 2015. Also, it should be noted that the level of 0.7612 will form a double bottom on the H1 chart. However, if the pair fails to break 0.7631, the market will indicate a bullish opportunity above 0.7630 because this price will act as a strong support indeed. Accordingly, it will be a good sign to buy above 0.7630 with the first target at 0.7674 (38.2% of Fibonacci retracement levels) and it will call for an uptrend in order to continue bullish movement towards the area of 0.7700/0.7710.
Intraday technical levels :
- R3: 0.7745
- R2: 0.7710
- R1: 0.7674
- PP: 0.7630
- S1: 0.7592
- S2: 0.7551
- S3: 0.7507
The material has been provided by InstaForex Company - www.instaforex.com
