First of all we see that the price reversed strongly and we also notice that the reaction/drop after it reached the 61.8 was not to big. The price didn't fall too deep down. Conversely it kept pushing upward in short intervals. After it broke the 61.8 the price clearly used it as a support creating a short consolidation zone.
So we should wait for the price to test that little yellow zone above the 61.8% (in order to get a better R/B ratio)
If bears are not strong enough it won't even touch the 61.8 again. Conversely, it may seek the 80.65 where the next resistance is located.
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So we should wait for the price to test that little yellow zone above the 61.8% (in order to get a better R/B ratio)
If bears are not strong enough it won't even touch the 61.8 again. Conversely, it may seek the 80.65 where the next resistance is located.
I hope my analysis is useful for your next trades
Don't forget to hit the like button, I really appreciate it
Follow me for more ideas
100% Forex Market
Trade closed: stop reached:
Massive impact on the currency right after the Governor of the Reserve Bank of Australia spoke.