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The AUD/USD pair has strongly broken above the 0.7354 resistance zone (61.8% Fibonacci retracement). Yesterday's daily candle was large which indicates that the bulls remain in control. So, the AUD/USD pair is holding onto gains above the level of 0.7354.
A trade through the December 1 main top at 0.7408 will signal a resumption of the uptrend. The AUD/USD pair has reached the powerful resistance and target zone at 0.7408 - current price sets at 0.7379.
Traders will be keying in on 1.2011 throughout the session on Wednesday. This is a potential trigger point for an acceleration to the upside since there is no true resistance until about 0.7408 - 0.7379.
The AUD/USD pair continues moving in a bullish trend from the support levels of 0.7320 and 0.7354. Currently, the price is in a bullish channel.
This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.7354, which coincides with a golden ratio (61.8% of Fibonacci).
On the H1 chart, resistance is seen at the levels of 0.7408 and 0.7440. Also, it should be noticed that, the level of 0.7354 represents the daily pivot point.
Consequently, the first support is set at the level of 0.7354. So, the market is likely to show signs of a bullish trend around the spot of 0.7354.
In other words, buy orders are recommended above the golden ratio (0.7354) with the first target at the level of 0.7408.
Furthermore, if the trend is able to breakout through the first resistance level of 0.7408. We should see the pair climbing towards the double top (0.7440) to test it.
The AUD/USD pair is continuing in a bullish trend from the resistance of 0.7440. According to the previous events, we expect the AUD/USD pair to move between 0.7354 and 0.7440. The third resistance has already placed at 0.7471.
It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7300.
On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7300, a further decline to 0.7226 can occur which would indicate a bearish market.
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