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Overview :
The AUD/USD pair broke resistance at 0.7695 which turned into strong support yesterday. This level coincides with 23.6% of Fibonacci retracement which is expected to act as major support today.
Equally important, the RSI is still signaling that the trend is upward, while the moving average (100) is headed to the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend.
This suggests that the pair will probably move above the daily pivot point (0.7733) in the coming hours. The AUD/USD pair will demonstrate strength following a breakout of the high at 0.7733.
Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.7733 with the first target at 0.7775.
Then, the pair is likely to begin an ascending movement to 0.7807 mark and further to 0.7828 levels. The level of 0.7807 will act as strong resistance, and the double top is already set at 0.7807.
On the other hand, the daily strong support is seen at 0.7660 . If the AUD/USD pair is able to break out the level of 0.7660, the market will decline further to 0.7625 (daily support 2).
On the four-hour chart :
The AUD/USD pair will continue to rise from the level of 0.7660. The support is found at the level of 0.7660, which represents the doule bottom.
The price is likely to form a double bottom. Today, the major support is seen at 0.7660, while immediate resistance is seen at 0.7751.
Accordingly, the AUD/USD pair is showing signs of strength following a breakout of a high at 0.7700. So, buy above the level of 0.7700 with the first target at 0.7807 in order to test the daily resistance 1 and move further to 0.7807.
Also, the level of 0.7807 is a good place to take profit because it will form a double top.
Amid the previous events, the pair is still in an uptrend; for that we expect the AUD/USD pair to climb from 0.7660 to 0.7807 in coming hours.
At the same time, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7660, a further decline to 0.7625 can occur, which would indicate a bearish market.
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