A fall can continue. 

On the 4-hour chart, the price continues gradually falling along a descending channel with its upper border being a 61.8% Fibonacci fan line. The key seems to be the level of 0.7085 (23.6% correction) a breakdown of which would allow the pair to continue falling towards 0.7055 and 0.7028 (0% correction). If the price rebounds from the level of 0.7085 the pair could grow to 0.7120 (38.2% correction) and 0.7148 (50% correction). A similar picture is on the daily chart. Here, the 61.8% Fibonacci fan line acts as the resistance, while the price broke down the level of 0.7118 (23.6% correction) and is heading towards 0.7013. 

Trading tips 

Short positions can be opened after the price consolidation below the level of 0.7085 with targets at 0.7055, 0.7028 and stop-loss at 0.7100.  

Alternative scenario 

Long positions can be opened after the price consolidation above the level of 0.7120 with targets at 0.7148, 0.7177 and stop-loss at 0.7090.

AUD/USD: Fibonacci analysis

AUD/USD: Fibonacci analysis

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