Overview:
- The AUD/USD pair called for the bearish market from the price of 0.7157 (38.2% of Fibonacci retracement levels) towards the level of 0.7059, but it recovered again to start going upwards close to 0.7071 today. Besides, the range of the last week was very downside. Today, the support will be set at the level of 0.7059, but the double bottom is going to stand at 0.7015.
- On the other hand, the minor resistance has been set at 0.7102 and the price of 0.7157 is representing strong resistance. So, the bulls were forced to pull back below the level of 0.7157. Thus, this level will be a strong resistance for indicating the bearish opportunity below the resistance. As a result, it will be a good sign to sell below 0.7157/0.7102 with a target at 0.7050. It also might resume to 0.7015. Otherwise, the stop loss should be set at 0.7180.
Intraday technical levels:
Date: 6/01/2016
Pair: AUD/USD
- R3: 0.7269
- R2: 0.7235
- R1: 0.7199
- PP: 0.7165
- S1: 0.7129
- S2: 0.7095
- S3: 0.7059
