Overview:
- The AUD/USD pair closed at the level of 0.7157. The support is found at 0.7103 and the resistance is seen at the level of 0.7235 (61.8% Fibonacci retracement levels). Also, the price has been moving below the ratio of 61.8% Fibonacci retracement levels since the August 24, 2015. Equally important, the market showed imperturbability and extended further to as low as 0.7160 today. Consequently, it should be noted that the price has formed strong resistance at the level of 0.7157. Moreover, this strong level has still been moving between 61.8% of Fibonacci retracement levels and 38.2% in the H4 chart. Accordingly, the market will start showing signs of bearish market again in order to indicate a bullish opportunity from the level of 0.7157 heading towards the strong support area around 0.7103. The level of 0.7103 is going to form a double bottom. Moreover, bulls will be forced to pull back at this spot. As a result, it will be profitable to sell at 0.7103 (in the short term) with a target at 0.7066, and it might resume to the 0.7032 today.
