After much analysis on USD, it is clear that the dollar is looking to correct. For more information view my article Down with the Dollar!
On the four hour for AUDUSD, price is currently holding between my yellow fib level @61.8 and my white fib level @78.6. Price action over previous days was rather good. It was formerly on the major quarter point @0.725 and crashed through to its current level.
As of now AUDUSD is on a downtrend. It seems like a reversal trend is forming but it is too early to tell. I set a green counter-trendline for if price breaks it, then bullish momentum is confirmed.
On the other hand, if price breaks my 78.6 fib level @0.70122, then further downtrend is confirmed.
On the four hour for AUDUSD, price is currently holding between my yellow fib level @61.8 and my white fib level @78.6. Price action over previous days was rather good. It was formerly on the major quarter point @0.725 and crashed through to its current level.
As of now AUDUSD is on a downtrend. It seems like a reversal trend is forming but it is too early to tell. I set a green counter-trendline for if price breaks it, then bullish momentum is confirmed.
On the other hand, if price breaks my 78.6 fib level @0.70122, then further downtrend is confirmed.
