FX.co ★ Technical analysis of AUD/USD for January 15, 2014

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Overview:В 

• The AUD/USD pair had risen from the strong level of 0.8866 and it had extended further to as high as 0.9070 yesterday but it closed at the 0.8962 level to day. It should be noted that the support will form at 0.8866 because this level has also formed double bottom on January 15, 2014. Furthermore, В the price has set above 00% of Fibonacci retracement levels a week ago at the same level which set above for that we expect a saturation around the level of 0.8866. Hence, it is probably that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 0.8866 (61.8% of Fibonacci retracement levels ib H1 chart). Accordingly, buy above 0.8866 with the first target at 0.8975 besides it will call for downtrend in order to continue bearish towards 0.9035. On the other hand, if the bulls will have forced to pullback below the level of 0.8866 and sellers can break this level therefore the best solution to set a stop loss at the price of 0.8823.