Technical analysis of AUD/USD for February 17, 2015 Market Analysis Review

Overview :

• A confusing rise from the levels of 0.7714 and 0.7783 has extended further to as high as 0.7802 yesterday. Moreover, it might be noticed that the price has placed above 23.6% of Fibonacci retracement levels and created a strong support at this spot. Hence, the market will form the strong support at the price of 0.7770. Futhermore, this strong level has been still moving between 0.7750 and 0.7863 on the H4 chart. Therefore, it is likely that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity at the level of 0.7770 with the first target of 0.7832 and continues towards 0.7860. Anyway, bulls were forced to pullback below the level of 0.7860, so this level will form a strong resistance in order to indicate a bearish opportunity below it. Accordingly, it will be a good sign to sell below the level of 0.7881 (38.2% of Fibonacci retracement level at the same time frame) with a target at 0.7832 and it might resume to 0.7783 (a good place to take profit will be at 23.8% of Fibonacci).

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