AUD/USD retraces 61.8% and reverses

FX:AUDUSD   Australian Dollar / U.S. Dollar
230 0
Since the trend in any instrument can best be measured by a series of wing highs and lows or in the case of a sideways market a lack thereof, traders have to evaluate the swings in a chart to conclude an instrument's present state. The Aussies has been in a significant downtrend since 8/9 but recently posted a big bounce starting on 9/6. My blog post on 9/4 “AUD/USD looking for a bounce. Has the longer term trend changed?” correctly identified the possibility of a short term reversal in the near term.

Since that bounce price has corrected 61.8% (common Fibonacci level) and now seems ready to reverse. With a report out this morning that Chinese consumption has weakened this should add to the momentum that has already begun and moved AUD/USD from its peak at $1.04 to 1.0346 as of this writing. See the charts below.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out