Another long opportunity on AUD/USD fulfilling the 78.6% Fibonacci target at 0.80303. The entry has now been met at the retest of the significant monthly key level of 0.77500. This is due to the overall bias the Aussie has, in fact, found the bottom of the bearish trend at 0.76500 and reversed the trend.
The first entry for this trend reversal is still running, currently 50 pips to the upside. This is targeting the 88.6% Fibonacci level at 0.80796.
Higher timeframes, especially the daily are showing positive signs of this continued bullish action pinning on the 0.77500 level multiple times without breaking. If todays candle can turn bullish and leave a strong hammer wick that would be ideal for a bullish end to this week. On a H4 timeframe price has been consolidating over the past 8 days which shows that this is a very crucial level currently for the future price of this pair.
Further updates will come soon.
The first entry for this trend reversal is still running, currently 50 pips to the upside. This is targeting the 88.6% Fibonacci level at 0.80796.
Higher timeframes, especially the daily are showing positive signs of this continued bullish action pinning on the 0.77500 level multiple times without breaking. If todays candle can turn bullish and leave a strong hammer wick that would be ideal for a bullish end to this week. On a H4 timeframe price has been consolidating over the past 8 days which shows that this is a very crucial level currently for the future price of this pair.
Further updates will come soon.