Overview:
- The AUD/USD pair closed at the price of 0.9390. The support is placed at the level of 0.9347 and the resistance sets at the 0.9435 level. Also, the price has been above the ratio of 61.8% Fibonacci retracement levels for three days. Equally important, the market showed imperturbability and extended further to as high as 0.9400 today. Consequently, it should be noted that the price has formed strong resistance at the level of 0.9435. Moreover, this strong level has still been moving between 61.8% of Fibonacci retracement levels and 100% in H4 chart. Accordingly, the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the 0.9347 level with a target towards the strong resistance around 0.9435. The price of 0.9435 is going to form a double top. Meanwhile, the bulls will be forced to pull back at this spot. As a result, it will be a profitable sign to sell at 0.9440 (in the short term) with a target at the price of 0.9387 and it might resume to the 0.9353 price for today.
