Overview:
- Pair: AUD/USD
- Time frame: Daily (D1)
- Date and Time: 12/09/2014 12:15
- The AUD/USD pair had a breakdown and extended further to as low as 0.9078 yesterday. It closed at 0.9103 today as well as the price was placed below 38.2% of Fibonacci retracement levels. Additionally, it should be noted that the price had formed strong resistance at the level of 0.9080. Furthermore, this strong level has still been trapped between 38.2% of Fibonacci retracement levels and 50% in the daily chart. Accordingly, the market is likely to start showing the signs of a bearish market again in order to indicate a bearish opportunity in the short term from the 0.9080 level of (38.2% of Fibonacci retracement levels) with a target towards the strong support around 0.8920 in coming hours. Meanwhile, bulls will be forced to pull back above the level of 0.8920. Thus, this level will act as a spot to buy in the long term next week. Therefore, it will a good idea to buy above 0.8923 with a target at the price of 0.9093 and it might resume to the 0.9207 price in order to form a double top.
