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Overview :
The AUD/USD pair will continue to rise from the level of 0.7733. The support is found at the level of 0.7733, which represents the 50% Fibonacci retracement level in the H1 time frame.
The price is likely to form a double bottom. Today, the major support is seen at 0.7695, while immediate resistance is seen at 0.7733.
Accordingly, the AUD/USD pair is showing signs of strength following a breakout of a high at 0.7750.
We expect to see a strong reaction off this level to push price up towards 0.7775 before 0.7733 support (50% of Fibonacci retracement, horizontal swing low support).
So, buy above the level of 0.7750 with the first target at 0.7806 in order to test the daily resistance 1 and move further to 0.7828.
Also, the level of 0.7847 is a good place to take profit because it will form a new double top at the same time frame.
Amid the previous events, the pair is still in an uptrend; for that we expect the AUD/USD pair to climb from 0.7733 to 0.7847 in coming five days.
At the same time, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7695, a further decline to 0.7625 can occur, which would indicate a bearish market.
Trading recommendations :
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