Overview:

• The AUD/USD pair rose from the level of 0.9230 extending further to as high as 0.9280 today. The price has been placed above 50% of Fibonacci retracement levels for a week. Also, it should be noted that the price has formed a strong support level at 0.9230. Futhermore, this strong level has still been trapped between 50% of Fibonacci retracement levels and and 78.6% in H4 chart. Hence, probably the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 0.9230 with targets towards the strong resistance around 0.9360. Meanwhile, the bulls were forced to pull back below the level of this area, therefore this level will form strong resistance in order to indicate a bearish opportunity below the resistance (0.9360). However there is a new intraday bearish outlook for May 29, 2014, if it closes below 0.9360, then the market will called for downtrend to continue bearish towards 0.9282 then 0.9172.