Overview:
- The AUD/USD pair's sharp rise from the level of 0.9230 has extended further to 0.9270 and closed at 0.9276 yesterday. Likewise, the price has placed above 50% of Fibonacci retracement levels since last week. Furthermore, it should be noted that the price had formed a strong support at the price of 0.9230. Equally important, this strong level has still been trapped between 50% of Fibonacci retracement levels and 61.8% in H4 chart. Consequently, it is probable that the market will start showing bullish signs again in order to indicate a bullish opportunity at the level of 0.9233 with a first target of 0.9290, and continue towards 0.9340. Notwithstanding, the bulls were forced to pull back below the level of 0.9345; therefore, this level will be strong resistance for indicating the bearish opportunity below resistance. As a result, it will be a good sign to sell below 0.9345 with a target at 0.9300. It also might resume to 0.9266 on June 5, 2014. Otherwise, the stop loss should set at 0.9365.
