New target to be defined by Fib ratios setup. We target AUDUSD will hit the yellow zone where bounded by a few fib ratios from retracement, extension and channel.
AUDUSD is currently hanging around at a critical S/R level that is measured by weekly chart. From the MACD indicator, we see a regular bullish divergence is forming, but not confirmed yet without a solid crossover. The price may or may not pullback to .
Fibonacci Ratios may tell you some hints:
The first Fib Ret from 22 Oct 2008 low to 27 Jul 2011
We found a critical support coming up is
The second Fib Ret from 20 Jan 2016 low to 26 Jan 2018 high
we found a 161.8%
Then, Fib Ext (the pink one) which gives an overlap critical support at that overlaps the previous Fib Ret at 61.8% . That's why AUDUSD was stuck around that price in the last month. However, the next further support is at 161.8%
According to the financial news two days ago. Forecaster expected AUDUSD will hit 0.7000.
From this analysis, probably NOT.
AUDUSD is currently hanging around at a critical S/R level that is measured by weekly chart. From the MACD indicator, we see a regular bullish divergence is forming, but not confirmed yet without a solid crossover. The price may or may not pullback to .
Fibonacci Ratios may tell you some hints:
The first Fib Ret from 22 Oct 2008 low to 27 Jul 2011
We found a critical support coming up is
The second Fib Ret from 20 Jan 2016 low to 26 Jan 2018 high
we found a 161.8%
Then, Fib Ext (the pink one) which gives an overlap critical support at that overlaps the previous Fib Ret at 61.8% . That's why AUDUSD was stuck around that price in the last month. However, the next further support is at 161.8%
According to the financial news two days ago. Forecaster expected AUDUSD will hit 0.7000.
From this analysis, probably NOT.
Comment:
As said before, the price just pullback to the blue upward trend line. Keep an eye if any strong bearish candle forming, then we go short.
Trade closed: target reached
The first Fib Ret from 22 Oct 2008 low to 27 Jul 2011 high
We found a critical support coming up is 0.7092
The second Fib Ret from 20 Jan 2016 low to 26 Jan 2018 high
we found a 78.60% 0.71083
Then, Fib Ext (the pink one) which gives the next further support of Fib Ext at 161.8% 0.71040. When you watch carefully there are some overlapping levels. Fib Ext 127.2% overlaps the Fib Ret 61.8%. That's why AUDUSD held pretty tough at 0.7325 until it got a breakout few days earlier.