Overview:
- The market indicates higher volatility of 98.50 today.
- The AAUD/USD pair rose from the strong level of 0.7198 and extended further to as high as 0.7250 yesterday. Equally important, the support is found at 0.7200, because this level has also formed a double bottom at the level of 0.7198. Additionally, it also should be noticed that the AUD/USD pair was trading in a range of 95 pips. Moreover, the price has set above 50% of Fibonacci retracement levels for two days. Consequently, we expect saturation around the level of 0.7198. Hence, the market will probably start showing bullish signs again in order to indicate a bullish opportunity from the levels of 0.7198 (50% of Fibonacci retracement levels in H1 chart). Thereupon, buy above 0.7198 with the first target at 0.7265 it will call for a move upwards in order to continue bullish attempts towards 0.7303. On the other hand, if bulls forces the pair to pull back to the level of 0.7155 and sellers manage to break this level, therefore the best solution will be to set the stop loss at 0.7112.
