Overview:
- The AUD/USD pair's sharp drop from the level of 0.7107 extended to 0.7058 and closed at 0.7070 yesterday. Likewise, the price has been placed below 38.2% of Fibonacci retracement levels for a while. Moreover, the price has formed a strong resistance at the price of 0.7106. Equally important, this strong level has still been moving between 38.2% of Fibonacci retracement levels and the double bottom on the H4 chart. Consequently, the market will probably start showing bullish signs again in order to indicate a bearish opportunity at the level of 0.7106 with the first target of 0.6990 and continue towards 0.6936. Nevertheless, bears were forced to pull back above the level of 0.6936; therefore, this level will be a strong support for indicating the bullish opportunity above the double bottom (0.6936). As a result, it will be a good sign to buy above 0.6936 with the target at 0.7105. It also might resume to 0.7160.
Intraday technical levels:
Date: 11/11/2015
Pair: AUD/USD
- R3: 1.0807
- R2: 1.0785
- R1: 1.0758
- PP: 1.0736
- S1: 1.0709
- S2: 1.0687
- S3: 1.0660
