AUD/USD Rebounds from Fibonacci Level
Chart Prepared by Jamie Saettele, CMT
-“June’s AUDUSD range (3.4%) was the smallest monthly range since October (3.05%). In fact, the intermonth plots of price action for June and October are virtually identical. Both time series form 3 wave corrective (A-B-C) patterns. However, Monday’s reversal warns of a false breakdown. The rate is at resistance now so we should a better idea of direction over the next few days.” Focus remains lower towards .7100/50 but there is support down here from Fibonacci (127.2% extension of the April-May rally).
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