- The AUD/USD pair dropped from the level of 0.6960 and declined further till 0.6863. The price remains below resistances of 0.6895 and 0.6961. Additionally, the price has formed a strong resistance level at 0.6960, but a minor support is placed at 0.6831. Futhermore, this strong level has been trading below 23.6% of Fibonacci retracement levels. Besides, the double bottom is at 0.6831 in the H4 chart. Thus, the market will probably start showing the signs of bearish market again in order to indicate a bearish opportunity from the level of 0.6961/0.6896 with targets towards the minor support around 0.6831. If the trend will be able to break this point (0.6831), then the market will continue in downtrend with a view to form a new double bottom at 0.6705. At the same time, if the trend closes above the level of 0.6705, the market will call for uptrend to continue bullish trend towards the weekly pivot point at 0.7043.
Intraday Technical Levels:
- Resistance 2: 0.7053
- Resistance 1: 0.6960
- Pivot Point: 0.6930 (daily pivot)
- Support 1: 0.6766
- Support 2: 0.6705
