AUDUSD – on daily chart, you can see a strong growth impulse. Increased activity of demand was noticeable during the test of psychological support level 0.7500. Its worth noting the inside bar formations, which are marked on the chart. Breaking this formation on 14.03.2017 led to increased activity of demand and we saw very strong growth, which tested strong resistance at 0.7700. Currently we can observe similar formation, which was broken down. In this situation, the probability of making today new highs is low. It’s worth looking on lower time intervals.
On H4 chart we see a strong upward trend. Currently we have a correction. The pressure of bears and falling below today’s minimum will lead to a formation of 1-2-3, which may be a harbinger of a larger correction. Support together with confluence in form of a 50% abolition FIBO is located in the vicinity of the round level of 0.7600. Decline in this area is likely to be associated with an increased response of bulls. Breaking to new highs, could lead to further growth.