03.04.201511:11 Forex Analysis & Reviews: Technical analysis of AUD/USD for April 3, 2015

Overview:

• The AUD/USD pair fell from the level of 0.7647 and moved further to 0.7592. The price has been keeping the position below 23.6% of Fibonacci retracement levels since last week. Furthermore, it should be noted that the price formed strong resistance at the level of 0.7650. This strong level has still trapped between 23.6% of Fibonacci retracement levels and 00%. The ratios of Fibonacci are coinciding with the prices of 0.7648 and 0.7532 respectively in the H4 chart. Consequently, there is a possibility that the market will start showing bearish signs again in order to indicate a bearish opportunity at the level of 0.7647 with the first target at 0.7581 and continue towards 0.7535. Bears were forced to pull back above the level of 0.7532 (double bottom at the same time frame). Therefore, this level is seen to be strong resistance for indicating the bullish opportunity above the support level. As a result, it will be a good sign to buy above the level of 0.7532 with a target at 0.7575. It also might resume to 0.7626. Otherwise, the stop loss should be set at 0.7510.