- Analytics
- News and Tools
- Market News
- AUD/USD Price Analysis: Bears eye 0.6900 while below 0.6980
AUD/USD Price Analysis: Bears eye 0.6900 while below 0.6980
- AUD/USD bulls eye a move to 0.6970s in a 61.8% Fibonacci retracement.
- The downside target is near 0.6920/10 which guards 0.69 the figure.
AUD/USD fell in the London fix and around the Wall Street cash open where most of the damage was done given a break of structure with trapped volumes up high chasing the parabolic move.
The higher time frame traders that bought the break of 0.7000 on the hourly chart were caught up high and the price subsequently dropped from the highs of the day at 0.7011 and fell to a New york session low of 0.6942. The following hourly charts illustrate that there are now prospects of a correction higher before the next move lower:
AUD/USD H1 chart
The price corrected to a 50% mean reversion area before plummeting on Thursday to dynamic trendline support. The bulls would now be anticipated to m, make a move encouraged but the M-formation:
Zoomed in:
This is a reversion pattern and there are prospects of a move to the 0.6970s in a 61.8% Fibonacci retracement. The downside target is near 0.6920/10 which guards 0.69 the figure.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
