Overview:

• The price of the AUD/USD pair has set below the double top (0.8920) since last week. Also, it should be noted that the price has formed a strong resistance at the level of 0.8920. Additionally, this level coincides with the ratio of 23.6% Fibonacci retracement level in the daily chart. On the other hand, the major support had already set at 0.8780; therefore, the price of AUD/USD pair will move betwen the 0.8920 and 0.8790 levels in the coming days (from today to Friday). So, the market is likely to start showing signs of the bearish market again in order to indicate the bearish opportunity from the level of 0.8920 to 0.8870 with targets towards the strong support around 0.8788. Meanwhile, bears were forced to pull back at the level of this area, therefore this level will form strong support at 0.8780 for indicating a bullish opportunity above the support. Thus, it will be a good sign to buy in the short term above the price of 0.8780 with the first target at 0.8820 and it might resume to the 0.8855 price.

Notes:

• The resistance has set at the level of 0.8920 and the support placed at 0.8788.
• The kel of the AUD/USD pair is going to set at 0.8860 today.
• Expect a weekly range of 175 pips.