AUD/USD Responds Well to Slope and Fibonacci Combination
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.”
-“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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.