Technical analysis of AUD/USD for February 25, 2015 Market Analysis Review

Overview :

• The AUD/USD pair has risen from the level of 0.7822 and has extended further to as high as 0.7880 (38.2% of Fibonacci retracement levels) today. The pair closed at 0.7865 yesterday. The price was placed above 23.6% of Fibonacci retracement levels two days ago. Moreover, it should be noted that the price has formed a strong supports at 0.7791 and 0.7860. Furthermore, this strong level is still moving between 23.6% of Fibonacci retracement levels and 50% on the H4 chart. Hence, market will probably start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 0.7791 to 0.7860 with targets towards the strong resistance around the spot of 0.7918 - 0.7959 (50% of Fibonacci retracement levels). Meanwhile, the bulls were forced to pull back at the level of this area; therefore, this level will form a strong resistance at 0.7960 in order to indicate a bearish opportunity below this resistance, so it will be a good sign to sell below the price of 0.7960 with a target at 0.7895 and it might resume to 0.7852 in the short term.

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