Overview:
AUD/USD's turbulent rise from 1.0254 has extended further to 1.0450 a week ago, and the pair closed at 1.0318 last week. The price stood 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 level and 11% in the H4 chart. So, it is probable that the market will start showing the bullish signs again in order to indicate a bullish opportunity at the level of 1.0254 with the first target of 1.0340, and will continue towards 1.0420. Meanwhile, the bulls were forced to pull back 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 the first target at 1.0340, and continue towards 1.0385 then 1.0420.
Sell below 1.0425 (H4 chart), it will call for downtrend in order to continue bearish move towards 0.0290.
Observation(s):
Please check out the market volatility before investing, because the sight price may have already been reached and scenarios probably became invalidate.
Key level at 50% Fibonacci retracement levels (1.0412).
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.
