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AUD/USD Responds Well to Slope and Fibonacci Combination

AUD/USD Responds Well to Slope and Fibonacci Combination

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

AUD/USD Responds Well to Slope and Fibonacci Combination

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-“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.”

-“Focus remains lower towards .7100/50 but there is support down here from Fibonacci (127.2% extension of the April-May rally).” The line that extends off of the February and March lows also provided support. A close above downtrend resistance (near .7500) is needed in order to indicate a larger reversal is underway.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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