Probability of the upward movement to the level of 0.7744

On the four-hour chart Fibonacci arc 61.8% acts as the support level for the short term trend, which gives chance of the gradual upward movement in price up the level of 0.7690 (Fibonacci level 61.8%), 0.7717 (Correction level 50.0%) and 0.7744 (correction level 38.2%). From these levels the price can reverse and break down the arc 61.8%. After that the pair can resume downward movement to 0.7600. On the daily chart the price has rebounded from the intersection of the corrective level of 0.0% and Fibonacci fan 38.2% for the medium-term, which shows probability of the upward movement to 0.7725-0.7800.

Trading tips

Buy the pair at the current price with the targets of 0.7690, 0.7717 and 0.7744.

Alternative scenario

Breakdown of the arc 61.8% on the four-hour chart and consolidation of the price below the level of 0.7650 will makes sense to open short-positions with the target of 0.7600. 

AUD/USD: Fibonacci levels analysis

AUD/USD: Fibonacci levels analysis

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