Overview:
- The AUD/USD pair has broken the resistance around the 0.6983 level which was turned into support yesterday. Thus, a strong support lies at 0.6983 and a minor support can be seen at 0.7005. Additionally, the new support at 0.6983 is representing a daily pivot point today. AUD/USD couldn't close below the daily pivot point and started indicating a bullish market from the 0.6983 and 0.7017 levels. So, the price is set above 38.2% Fibonacci today as the level of 0.7017 coincides with the ratio of 38.2% Fibonacci. Besides, the RSI and the moving average (75) are still calling for uptrend. Therefore, the market indicates the bullish opportunity on levels of 0.6983 or 0.7017 with a first target at 0.7084 and the next one at 0.7149. On the other hand, if the price closes below the strong support at 0.6983, then the best location for placing a stop loss is be below 0.6983, as the price will fall for a bearish market in order to go further towards the double bottom at 0.6826 to test it again.
Intraday technical levels:
Date:27/01/2016
Pair:AUD/USD
- R3: 0.7149
- R2: 0.7084
- R1: 0.7048
- PP: 0.6983
- S1: 0.6947
- S2: 0.6882
- S3: 0.6846
