15.08.201412:34 Forex Analysis & Reviews: Technical analysis of AUD/USD for August 15, 2014

Long-term review

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Overview:

The AUD/USD pair closed at the price of 0.9300 yesterday. Also, the price has been above the ratio of 23.6% Fibonacci retracement levels for three days. Equally important, the market was quiet and extended further to as high as 0.9330 today. Consequently, it should be noted that the price has formed a strong resistance at the level of 0.9371. Moreover, this strong level has still been moving between 50% of Fibonacci retracement levels and 23.6% in H4 chart. Accordingly, the market will start showing the signs of a bullish market again in order to indicate a bullish opportunity from the 0.9300 level with a target towards the strong resistance around 0.9371. Besides, it should be mentioned that the price of 0.9371 is going to form a double top. Meanwhile, the bulls will be forced to pull back at this spot. As a result, it will be profitable to sell at 0.9371 (in the short term) with a target at the price of 0.9333. It might resume to the 0.9300 price for today.

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