Technical analysis of AUD/USD for March 5, 2015
The market of AUD/USD will most likely start showing the signals of bullish market again in order to give a bullish opportunity from the level of 0.7792, which stands for a minor support on the H1 chart.
It should be also keep in mind that this support is corresponding with the ratio of 38.2% Fibonacci retracement levels. So, it is suggested to buy the currency during the correction and to place long trades above 0.7792 with the targets at 0.7818 continuing towards the strong resistance around the level of 0.7850.
In the meantime, bulls were forced to rebound below the level of this level; thus, this level will form a strong resistance in order to specify a bearish opportunity below the resistance level of 0.7850.
Alternatively, there is a new intraday bearish prediction on March 5, 2015: if a close is below 0.7780, the market will be expected for a downtrend in order to continue bearish movement towards the prices of 0.7751 to experience the double bottom at the same time frame.
The major level will be at the level of 0.7792. It should be also keep in mind that the level of 0.7792 represents the weekly pivot point. The support of the AUD/USD pair has been already set at 0.7780-0.7792.
The price of 0.7850 stands for the weekly resistance 1, and the level of 0.7858, is going to make a double top on the H1 chart. So, we are expecting a new range about 68 pips today.