Overview:
The AUD/USD pair has faced strong resistance at the level of 0.7083, because support became resistance last week. So, the strong resistance has been already formed at the level of 0.7083 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 level of 0.7083, the market will indicate a bearish opportunity below the new strong resistance level of 0.7083 (the level of 0.7083 coincides with a ratio of 23.6% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100). Thus, the market is indicating a bearish opportunity below 0.7083, so it will be a good thing to sell at 0.7083 with the first target of 0.7032. It will also call for a downtrend in order to continue towards 0.6979. The daily strong support is seen at 0.6937. However, a stop loss order should always be taken into account, so it would be reasonable to place it at the level of 0.7114.
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