AUD/USD has been in a steady downtrend recently. However, strength has shown itself during this retracement off of the low, and now in the FIB ZONE of this most recent move up.
I am marking this as NEUTRAL, because I would not advise opening a LONG position against the current downward trend. However, this will be something to watch in the coming week to see how AUD/USD reacts at the most recent high, should it reach that level again.
I am marking this as NEUTRAL, because I would not advise opening a LONG position against the current downward trend. However, this will be something to watch in the coming week to see how AUD/USD reacts at the most recent high, should it reach that level again.
Note
Adding to further confluence, you can see that the zone of resistance is intact another FIB ZONE.
If sellers look to take control, this slightly updated area will be a good area to watch. Don't discount a fake break of the 61.8 either.
Will continue to update throughout 2019 so if you agree and want to see more of my analysis, please follow.
Note
Price Reached updated area from 1st update. Some weakness shown again and a reversal, but really nothing to write home about.
Could have scalped 10-15 pips, but too risky around the holidays.
Key levels are still intact. Will continue to watch it.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.