Overview:
- The AUD/USD pair had a breakdown and extended further to as low as 0.7721 last week. But it closed at 0.7817 yesterday and the price has been placed above the 38.2% of Fibonacci retracement levels today. Additionally, it should be noted that the price had formed a strong support at the level of 0.7817. Furthermore, this strong level has still been moved between 38.2% of Fibonacci retracement levels and 61.8% in the H4 chart. Accordingly, the market is likely to start showing the signs of bullish market again in order to indicate a bullish opportunity in the short term from the level of 0.7817 with a target towards strong resistance around 0.7976, which coincides with the ratio of 61.8% Fibonacci. Meanwhile, bulls are going to be forced to pull back below this area. Thus, this level will act as a spot to sell in the long term. Hence, it will be a good sign to sell below strong resistance at 0.7976 with a target at 0.7890. It might resume to the 0.7807 in order to form a double bottom.
