Overview:
- The price of AUD/USD has been below the double top (0.7102) since last week. A strong resistance is formed at the level of 0.7102. Additionally, this level coincides with the ratio of 38.2% Fibonacci retracement level in the H4 chart. On the other hand, the major support had already set at 0.6927. Therefore, the price AUD/USD will move between the 0.6927 and 0.7102 levels in the coming hours. Thus, the market is likely to start showing signs of the bearish trend again in order to indicate the bearish opportunity from the level of 0.7102 with targets towards the strong support around 0.6927. Meanwhile, bears were forced to pull back at the level of this area, therefore this level will form strong support at 0.6927 for indicating a bullish opportunity above the support. Thus, it is good to buy in the short term above the price of 0.6927 with the first target at 0.7035 and it might resume to the 0.7100 price.
Notes:
- The resistance has set at the level of 0.7102 and the support placed at 0.6927.
- The key of the AUD/USD pair is going to set at 0.7035 (daily pivot) today.
- We expect a range of 175 to 200 pips in coming days.
