AUD/USD Price Analysis: The bears are relentless, taking on fresh mitigation territory and eye 0.6890
- A retracement to the 38.2% Fibo that aligns with old support near 0.7050 could play out.
- However, the 4-hour chart shows no sign of deceleration so far and exposes 0.6890 first.
As per the pre-open analysis of AUD/USD, AUD/USD Price Analysis: There's something here for both the bulls and bears, the price has moved in to mitigate an inefficiency that was highlighted as follows:
The grey area marked the price imbalance between 0.6952 and 0.7000 from where there were prospects of a bullish correction. However, as seen in the following chart, the bears are relentless and taking on a fresh area of inefficiency in price:
With that being said, overstretched impulses will need to correct at some point, the question, for now, is when will the bears start to take profits?
In coming to the end of Wall Street, as the clock ticks down to the Fed this Wednesday, speculators might be inclined to cash in now:
A retracement to the 38.2% Fibo that aligns with old support near 0.7050 could play out. However, the 4-hour chart shows no sign of deceleration so far and exposes 0.6890 first:
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
