AUD/USD pair turbulently from 1.0430 reached the level 1.0756. Yesterday it closed at level 1.0712. Three months ago the price was below 78% of Fibonacci retracement levels. It is necessary to mention that the price formed a strong resistance level 1.07 which is located between 78% of Fibonacci retracement levels and 61.8% on Daily chart. Thus, the market is likely to show again the signs of bearish movement indicating a bearish tendency from the level 1.07 with targets located near the strong support level 1.0430. Meanwhile, the bears were forced to go back to this level, forming a strong support in the point 1.0430 indicating a bullish opportunity above the support level. This can be considered a good sign for BUY-deals higher than 1.0430 with the level 1.0530 as a target and further the 1.06 level.
Trading Recommendations:
According to previous events, the price is still been trapped between 1.07 of Fibonacci retracement levels and 1.0430.
Buy above 1.043 with targets towards 1.06.
Sell below 1.075, it will call for downtrend in order to continue bearish towards 1.0595 then 1.047.
Observation (s):
Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
