Last week we showed possible option where bears could step back in the market and this matured at 0.7280.

audusd-4h

Now I pull Fibonacci into the other way and I measure a retrace back down to 0.7050. There I see nice confluence area, where price could potentially change it’s direction one more time. There is 61.8% Fibonacci retrace and horizontal support = role reversal area.
Tomorrow we have Caixin Flash Manufacturing PMI news in China, which could affect AUD currency. There is no major red news in US in future 24 hours.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.