FX.co ★ Technical analysis of AUD/USD for March 5, 2015

Overview:

• The market of AUD/USD will probably start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 0.7792, which represents a minor support on the H1 chart. It should be also noted that this support is coinciding with the ratio of 38.2% Fibonacci retracement levels. So, it is recommended to buy during the correction and to open long trades above 0.7792 with targets at 0.7818 continuing towards the strong resistance around the area of 0.7850. Meanwhile, bulls were forced to pull back below the level of this area; therefore, this level will form a strong resistance in order to indicate a bearish opportunity below the resistance (0.7850). On the other hand, there is a new intraday bearish outlook on March 5, 2015: if a close is below 0.7780, the market will be called for a downtrend in order to continue bearish movement towards the prices of 0.7751 to test the double bottom at the same time frame.

Review:

• The key level will be at the level of 0.7792. It should be also noted 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 represents the weekly resistance 1, and the level of 0.7858 is going to form a double top on the H1 chart.
• So, we expect a new range about 68 pips today.