Overview:
- The AUD/USD pair rose from the strong level of 0.7140 and extended further to as high as 0.7172 yesterday, but it closed at the level of 0.7165 today. It should be noted that support is seen at 0.7140 because this level has also formed double bottom. Furthermore, the price set above 50% of Fibonacci retracement levels since last week. For that purpose, we expect a saturation around the level of 0.7140 or 0.7132. Hence, the market is likely to start showing the signs of a bullish bias again from this spot in order to indicate a bullish opportunity from the level of 0.7140 (50% of Fibonacci retracement levels in the H1 chart). Accordingly, buy above the level of 0.7140 with the first target at 0.7191 besides it will call for an uptrend in order to continue bullish movement towards 0.7250 in coming hours. On the other hand, if the bulls are forced to pull back below the level of 0.7125 and sellers can break this level, therefore the best solution is to set a stop loss at the 0.712.
