AUDUSD is on its move to a lower trend line on a larger picture. On a smaller picture, price is approaching a harmonic balance level. We have a very strong fib cluster level down below. If a pullback is needed to reach these levels the fib retracements would work out via the upper box.
What I like about the lower level. 1.618 extension followed by a 886 level.
Upperbox: the 618 retracement would make equal legs to the lower box.
What I like about the lower level. 1.618 extension followed by a 886 level.
Upperbox: the 618 retracement would make equal legs to the lower box.
Note
Price now entering Fib Cluster region. Expecting some reaction here. We have a harmonic target around the .7088 level for us to keep an eye on. That will be our next target. Note
2-step pattern showing on the charts. If the pattern holds, this is how I expect it to play out.
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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.