Overview :
The AUD/USD pair has faced strong resistances at the levels of 0.7204 because support had become resistance. The strong resistance has been already formed at the level of 0.7204 and the pair is likely to try to approach it in order to test it again.
However, if the pair fails to pass through the levels of 0.7204 or/and 0.7230, the market will indicate a bearish opportunity below the new strong resistance level of 0.7204 (the level of 0.7204 coincides with a ratio of 50% Fibonacci).
Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below 0.7204 for that it will be good to sell at 0.7204 with the first target of 0.7092. It will also call for a downtrend in order to continue towards 0.7052.
The daily strong support is seen at 0.7052. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.7315.
Outside outlook : If the trend is able to break out through the first resistance level at 0.7230, we should see the pair climbing towards the double top (0.7315) to test it.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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