FX.co ★ Technical analysis of AUD/USD for July 29, 2015

Overview:

• The AUD/USD pair rose from the level of 0.9230 prolongation further to 0.87345. The price is placed below 38.2% of Fibonacci retracement levels since yesterday. Also, it should be noted that the price has formed a strong support level at 0.9230. Futhermore, this pair has still trapped between 38.2% of Fibonacci retracement levels and and 00% (0.7345 and 0.7256) in the H1 chart. For this reason the market will start showing bearish signs again in order to indicate bearish opportunity from the level of 0.7345 with targets at the strong support around 0.7283. Meanwhile, bears were forced to pull back below this area. Therefore, this level will form strong support in order to indicate a bearish opportunity below it (0.7283) to continue towards the double bottom at the level of 0.7256. However, there is a new intraday bearish outlook today: if the pair closes below 0.7256 (the double bottom), the market will call for downtrend to move towards 0.7223 with a view to form a new double bottom in the same time frame.