Overview:
The AUD/USD pair is going to continue dropping downright from the price of 0.7377. The 23.6% of Fibonacci retracement levels and the level of 0.7377 are conforming the same price on the H4 chart. For that, this level is probably going to form a strong resistance. Accordingly, the Aussie is showing signs of strength following the break of the highest level at 0.7370. So, it will be a good sign to sell below the ratio of the level of 23.6% of Fibonacci retracement levels on the daily chart with the first target at 0.7266 and further at 0.7234 (this area of 0.7266 and 0.7234 will act as strong support and a double bottom respectively). Thus, it is going to be a good place to take profit. In addition, this level of taking profit will coincide with the double bottom on the same chart. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the resistance level of 0.7380, the market will decline further to 0.7465 with a view to indicate a bullish market in the long term.Notes:
The level of 0.7465 is going to act as the highest level. The minor support has been set at 0.7266. The double bottom has been already placed at the point of 0.7234. We expect a bearish market in coming days.