- AUD/USD bulls point to a move towards 0.6970 on a 61.8% fibonacci retracement.
- The bearish target is near 0.6920/10 which protects the 0.69 level.
He AUD/USD fell in the London session and around the Wall Street open where most of the damage was done due to a breakout of the structure with volumes trapped high chasing the parabolic move.
Longer-term traders buying the break of 0.7000 on the hourly chart got caught up and the price fell from the daily high at 0.7011 to the New York session low at 0.6942. The following hourly chart shows an upward correction before the next downward move:
AUD/USD H1 Chart
Price corrected to a 50% mean reversal area before plummeting to dynamic trend line support on Thursday.
This is a reversal pattern and there are prospects for a move towards 0.6970 on a 61.8% retracement of the Fibonacci level. The bearish target is near 0.6920/10 which protects the 0.69 level.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
