AUD/USD Price Analysis: Case building for further downside in days to come
|- AUD/USD bulls are moving in on the counter-trendline.
- Bears are looking for a downside extension.
AUD/USD is in consolidation following a strong correction into the daily counter-trendline. This is an area of confluence which could act as an area of strong resistance, leading to a downside extension in the days ahead.
AUD/USD prior analysis
''The price is in need of a correction and the 38.2% Fibonacci is the first target that guards a slight confluence of prior lows and a 50% mean reversion.
From an hourly perspective, this can be taken advantage of and bulls will be looking for a bullish structure to form in the coming sessions:''
AUD/USD live market update
The price has rallied to test the counter trendline in a 61.85 Fibonacci retracement which would be expected to act as firm resistance on subsequent restest. A downside extension would be expected for the days ahead.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.