The AUD/USD pair has broken resistance at the level of 0.7702, which acts as support now. So, the pair has already formed minor support at 0.7702.
The strong support is seen at the level of 0.7702 because it represents the weekly pivot. In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside.
The price of 0.7702 is coinciding with the ratio of 61.8% Fibonacci.
Therefore, the market indicates a bullish opportunity at the level of 0.7702. Buy above the minor support of 0.7702 with a target at 0.7816
Accordingly, the AUD/USD pair is showing signs of strength following a breakout of a high at 0.7871.
So, rebuy above the level of 0.7871 with the first target at 0.7850 in order to test the daily resistance 1 and move further to 0.7878.
On the other hand, if the pair closes below the minor support (0.7674), the price will fall into the bearish market in order to go further towards the strong support at 0.7586.
- Note 1 : the double bottom is seen at the level of 0.7586.
- Note 2 : If the trend is buoyant, then the currency pair strength will be defined as following: AUD is in an uptrend and USD is in a downtrend.
