Technical analysis of AUD/USD for May 6, 2015

Overview:

The AUD/USD pair rose from the level of 0.7934 extending further to as high as 0.7980 right now. The price has been staying above the ratio of 50% Fibonacci retracement levels since last week. Besides, the price has formed a strong support level at 0.7934, but a minor resistance is placed at 0.7970. Futhermore, this strong level has been still traded between 50% of Fibonacci retracement levels and the double top at the price of 0.8075 on the H4 chart. So, the market will probably start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 0.7970 with targets towards the strong resistance around 0.8042.
At the same time, the last bullish wave is at the double top at 0.8075. Meanwhile, bulls were forced to pull back below the level of this area; therefore, this level will form strong resistance with a view to indicate a bearish opportunity below the resistance (0.8075). Nevertheless, if the trend closes below the level of 0.8042, the market will call for downtrend to continue bearish trend towards the daily pivot point at 0.7763.