After the
AUD/USD rallied from the 0.7016 to the 0.7384, the pair started to retrace to
the downside with some volatility and reaches the 61.8% Fibonacci retracement
where it was consolidating during the last few days. However, today we see that
the bearish momentum comes in again and the pair breaks below the 61.8% Fibo to
reach the 76.4% Fibo, around the 0.7102 where it has stalled momentarily. From
this point the price may try to retrace to the 50% Fibo around the 0.7199, but
if it breaks to the downside its next support level could be the low at the
0.7016 level from where it started rising.
Excellent Analysis! Thanks.
ReplyDeleteGreat analysis!
ReplyDeleteIt seems it found some support at 0.7100.
ReplyDeleteGreat analysis, thank you .
ReplyDeleteIt could have found some support.
ReplyDeleteVery useful analysis.
ReplyDeleteGood analysis.
ReplyDeleteInteresting take on AUDUSD!
ReplyDelete