Growth may continue to 95.20

On the 4-hour chart, the price bounced off the strong support levels at 93.60 and is rising towards 94.35 (23.6% Fibonacci), 94.82 (38.2% Fibonacci) and 95.20 (50.0% Fibonacci). Near the level of 94.82 the price may cross 38.2% Fibonacci arc of the short-term trend that may lead to the trend reversal and resuming of the downward movement. On the daily chart, the price bounced off 50% arc of the medium-term upward trend and is rising towards 94.45 (38.2% Fibonacci) and 95.35 (23.6% Fibonacci). The areas of 94.35-94.45 and 95.20-95.35 are the strong resistance levels as correction levels are matching there.

Trading tips

Open long positions from the current levels with targets at 94.35 and 95.20.

Alternatively, place pending sell orders at 94.35 with the target at 93.60.

AUD/JPY: Fibonacci levels analysis

AUD/JPY: Fibonacci levels analysis

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