Overview :
- The AUD/USD pair rose from the strong level of 0.8122 and extended further to as high as 0.8146 yesterday, and it has closed at the 0.8155 level today. It should be noted that support will be formed at 0.8155 because this level has also formed a double bottom on H1 chart. Furthermore, the price set above 23.6% of Fibonacci retracement levels a day ago. For that, we expect a saturation around the level of 0.8155 (but it should be noted that the real strong support has been already placed at the level of 0.8122). 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 0.812 (11.8% of Fibonacci retracement levels on the H1 chart). Accordingly, buy above the level of 0.8122 with the first target at 0.8178; besides, it will call for an uptrend in order to continue bullish towards 0.8197 in coming hours. On the other hand, if bulls are forced to pullback below the level of 0.8122 and sellers can break this level, the best solution is to set a stop loss at the price of 0.8108.
The material has been provided by InstaForex Company - www.instaforex.com
