Chart AUD/USD Update: Limited gains - background deteriorating
The break below 0.7700 is finding support above the 0.7659 weekly low of 18 January, whilst oversold intraday studies unwind.
Focus is back on congestion around 0.7750, but negative daily studies and deteriorating weekly charts are expected to limit any break to 0.7800/20. An unexpected close above here will turn sentiment outright Positive and extend broad March
AUDUSD
gains towards the 0.7915 high of March 2018.
Following corrective trade, fresh losses are looked for, with a later close below 0.7659 confirming continuation of January losses and opening up the 0.7625 Fibonacci retracement.
Still lower is 0.7600.
Focus is back on congestion around 0.7750, but negative daily studies and deteriorating weekly charts are expected to limit any break to 0.7800/20. An unexpected close above here will turn sentiment outright Positive and extend broad March
AUDUSD
gains towards the 0.7915 high of March 2018. Following corrective trade, fresh losses are looked for, with a later close below 0.7659 confirming continuation of January losses and opening up the 0.7625 Fibonacci retracement.
Still lower is 0.7600.
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