Overview :
- The price of AUD/USD pair has set below the double top (0.9460) since April 8, 2014. Also, it should be noted that the price has formed a strong resistance level of 0.9420. Futhermore, this strong level has still been moving between 100% of Fibonacci retracement levels and 50% in H1 chart. Additionally, the AUD/USD pair has fallen from the level of 0.9460 extended further to as low as 0.9380 today. Hence, it is probably that the market will start showing signs of bearish market again in order to indicate the bearish opportunity from the level of 0.9460 to 0.9420 with targets towards the strong support around 0.9230. Meanwhile, the bears were forced to pull back at the level of this area, therefore this level will form strong support at 0.9230 in order to indicate a bullish opportunity above the support, so it will be a good sign to buy in the short term above the price of 0.9230 with the first target at 0.9325 and it might resume to the 0.9400 price.
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For detail explanation and best discovery on market trends you may visit via Technical analysis of AUD/USD for May 16, 2014 . Thanks for your support on Technical analysis of AUD/USD for May 16, 2014
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