Overview:

The AUD/USD pair had a breakdown and fell further to as low as 0.7100 yesterday. It has opened at 0.7106 today and the price was placed below 50% of Fibonacci retracement levels. Additionally, the price formed a strong resistance at the level of 0.7158. Furthermore, this strong level has still been moving between 50% of Fibonacci retracement levels and 23.6% on the H4 chart. Accordingly, the market is likely to start showing the signs of a bearish market again in order to indicate a bearish opportunity in the short term from the 0.7158 level with a target towards the strong support around 0.7041 in coming hours. Meanwhile, bulls will be forced to pull back above the level of 0.7041. Thus, this level will act as a spot to buy in the short term for correction. Therefore, it will be a good idea to buy above 0.7041 with a target at the price of 0.7133 and it might resume to the 0.7160 price in order to form a double top.