Overview :
- A confounding rise from the level of 0.7704 has extended further to as high as 0.7756 today. Moreover, it might be noticed that the price has placed above 00% of Fibonacci retracement levels and created a strong support at this spot (between the levels of 0.7650 and 0.7720). Thus, the market will form the first support at the price of 0.7720. Futhermore, this strong level has been still moving between 0.7720 and 0.7840 on the H4 chart. The level of 0.7840 is going to act as a new project in coming hours. 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 0.7723 with the first target of 0.7783 and continues towards 0.7840.
- Regardless of how, bulls were forced to pull back below the level of 0.7881, 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 chart) with a target at 0.7786 and it might resume to 0.7780 (good place to take profit will be at 23.8% of Fibonacci).
- Please, check the market volatility before investing, because the price may have already been reached and scenarios might have become invalidated.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of AUD/USD for February 24, 2015 . Thanks for your support.
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