Overview :
- The AUD/USD pair rose from the strong level of 0.9301 and extended further to as high as 0.9374 yesterday, but it has closed at the 0.936 level today. It should be noted that support will form at 0.9337 because this level has also formed tripple bottom. Furthermore, the price set above 61.8% of Fibonacci retracement levels months ago. For that, we expect a saturation around the level of 0.9330 or 0.9340. Hence, the market is likely to start showing the signs of a bullish bias again from this spot in order to indicate a bullish opportunity from the level of 0.9337 (61.8% of Fibonacci retracement levels ib H1 chart). Accordingly, buy above the level of 0.9337 with the first target at 0.9380 besides it will call for uptrend in order to continue bullish towards 0.9435 in coming hours. On the other hand, if the bulls are forced to pullback below the level of 0.9340 and sellers can break this level, therefore the best solution to set a stop loss at the price of 0.9283.
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For detail explanation and best discovery on market trends you may visit via Technical analysis of AUD/USD for July 17, 2014 . Thanks for your support on Technical analysis of AUD/USD for July 17, 2014
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