Overview :
- Yesterday, the AUD/USD pair showed a turbulent rise from 0.7595 and extended further to as high as 0.7654. The price placed above 00% of Fibonacci retracement levels a week ago because this ratio represents the double bottom at the H1 chart. Moreover, it should be noted that the price had formed a strong support at the level of 0.7595. Furthermore, the market has still been trapped between the levels of 0.7600 and 0.7702 at the same time frame. There is a probability probably that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 0.7600 with targets towards the strong resistance around 0.7668 and 0.7700. Meanwhile, bulls were forced to pullback below the level of this area. Therefore, this level is likely to form strong resistance in order to indicate a bearish opportunity below the resistance which stands at the price of 0.7702 (50% of Fibonacci retracement levels). However, there is a new intraday bearish outlook on March 20, 2015, if closes below 0.7702 then the market will be called for downtrend to continue its bearish movement towards the price of 0.7640 and then 0.7610.
The material has been provided by InstaForex Company - www.instaforex.com
