The AUD/USD pair continued to move upwards from the level of 0.7151. Since yesterday, the pair has risen from the level of 0.7151 (the level of 0.7151 coincides with the ratio of 50% Fibonacci Expansion) to the top around 0.7200.
In consequence, the AUD/USD pair broke resistance at 0.7151, which turned into strong support at the level of 0.7151.
In the H1 time frame, the level of 0.7151 is expected to act as major support today. Currently, the price is moving in a bullish channel.
This is confirmed by the RSI indicator signaling that we are still in a bullish market. The price is still above the moving average (100).
From this point, we expect the AUD/USD pair to continue moving in the bullish trend from the support level of 0.7175 towards the target level of 0.7250 (daily high price).
If the pair succeeds in passing through the level of 0.7250 , the market will indicate the bullish opportunity above the level of 0.7250 so as to reach the second target at 0.7278.
At the same time, if the AUD/USD pair is able to break out the level of 0.7151, the market will decline further to 0.7053 (daily support 2).
Idea and tip :
- Technical Analysis :
- In technical analysis: history usually repeats itself at certain level. So it will be of the wisdom to use historic rates to determine future prices. The technical analysis based only on the technical market data (quotes) with the help of various technical indicators. Moreover, in this analysis we will be touching on a variety of new techniques for applying numerical strategies, equations, formulas and probabilities. Additionally, we will be sharing some of classical analysis such as breakout strategy and trend indicators.
