An upward movement is likely to continue

AUD/USD quotes have broken all important levels on the 4-hour chart and are tending to a level of 0.7268 at which the fall started. However, the daily chart is more interesting: the price is being hold back by the resistance level at 0.7195 (23.6% Fibonacci retracement), and its breakout will provide scope for further growth to a level of 0.7370 (38.2% retracement), near the intersection with the 38.2% arch. If not, the price may start falling along the 23.6% arch to the levels of 0.7100 and 0.6910. 

Trading tips

Long positions seem to be more relevant, but they shouldn't be opened before the price has consolidated above the level of 0.7195. The target would be at 0.7370, Stop Loss shall be placed at 0.7180.

Alternative scenario:

Short positions will become relevant if the price rebounds from the level of 0.7195.  They should be opened from a level of 0.7170 with targets at 0.7100, 0.6910 and Stop Loss at 0.7190.

AUD/USD: analysis of Fibonacci levels

AUD/USD: analysis of Fibonacci levels




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