Overview:
The double top of AUD/USD pair has been set at 0.8073 and the resistance is seen around the area of 0.8014 and 0.7990. So, according to the previous events, the price is moving below the level of 0.7990. 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 spot of 0.7990 again. In other words, it will be a good sign to sell below 0.7990 with the first target at 0.7902, and the price will drop towards 0.7876 in order to test the lowest price at the level of 0.7876 which coincides with the ratio of 61.8% Fibonacci retracement level in the H4 chart. However, if the pair fails to break the support at 0.7876, the market will indicate a bullish opportunity above 0.7876 and the level of 0.7876 will act as strong support in the same time frame. Consequently, it will be a good sign to buy above 0.7876 in the long term with the first target at 0.7966 and it will call for an uptrend to continue bullish movement towards the first resistance at 0.8014.
Intraday technical levels:
Date: 30/04/2015
Pair: AUD/USD
- R3: 0.8155
- R2: 0.8115
- R1: 0.8056
- PP: 0.8016
- S1: 0.7957
- S2: 0.7917
- S3: 0.7858
