Overview: (Long-term)
AUD/USD's turbulent rise from 1.0254 has extended further to as high as 1.0450 a week ago, and it closed at 1.0318 last week. The price has placed above 11% of Fibonacci retracement levels a week ago. It should be noted as well that the price had formed a strong support at 1.0254. Furthermore, this strong level has still been trapped between 23.6% of Fibonacci retracement levels and 11% on H4 chart. So it is probably that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity on level of 1.0254 with a first target of 1.0340, and continues towards 1.0420. Meanwhile, the bulls were forced to pullback below the level of 1.0425. Therefore, this level will form a strong resistance in order to indicate a bearish opportunity below the resistance. Hence it will be a good sign to sell below 1.0524 with a target at 1.0380 and it might resume to 1.0290.
Trading recommendations:
According to previous events, the price has still been trapped between 1.0290 and 1.0350.
Buy above 1.0254 with a first target of 1.0340, and continues towards 1.0385 then 1.0420.
Sell below 1.0425 (H4 chart), it will call for downtrend in order to continue bearish towards 0.0290.
Observation (s):
Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
Key level at 50% Fibonacci retracement levels (1.0425).
Strong Support: 1.0254.
Strong Resistance: 1.0425.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
