R3: 1,0742
R2: 1,0677
R1: 1,0626
PP: 1,0561
S1: 1,0510
S2: 1,0445
S3: 1,0394
The AUD/USD pair has turbulently reached the level 1.0573 moving from the point 1.0475. Yesterday's deals were closed at level 1.0516. Two weeks ago the price was above 23.6% of Fibonacci retracement levels. It is necessary to mention that the price formed a strong support level 1.0475 which is located between 23.8% of Fibonacci retracement levels and 38.2% on the Daily chart. Thus, the market is likely to show again the signs of bullish movement indicating a bullish tendency from the level 1.0475 with targets located near the strong resistance level 1.0570. Meanwhile, the bulls were forced to go back to this level of 1.0603, forming a strong resistance in the point 1.0603 indicating a bearish opportunity below the resistance level. This can be considered a good sign for Sell-deals higher than 1.0603 with 1.0555 and 1.0503 seen as targets.
According to the previous events, the price is still located between 1.0477 and 1.0544.
Buy-deals above 1.0475 with targets near 1.0573. Sell-deals below 1.0603 for the further development of the downtrend in order to continue the bearish movement towards 1.0555 and 1.0503 levels.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com .