I agree with your bearish view on AUDUSD. Our trading signal idea is also of the same bias. We have found resistance level at 0.7201 which is a horizontal pullback resistance.
Additionally, RSI is also seeing a bearish exit which supports our beaish bias.
Glad to see that we have the same bias for AUDUSD
Trading2ez
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Hey buddy. No offense just some quick education for you since a lot of people use fib-extensions in a wrong way. :) To use extensions you should get back to the high you used to measure it.
Compare this. The retracement-tool offers to activate extension-levels aswell. Compare them. You`ll see that every value above 1 is an extension. Every value below 1 is a retracement. Ask yourself: What do you wanna measure?
Trading2ez
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@Irasor, IF you want to know more about his just let me know. :-) Got a video-series about that topic in my posts. Happy trading! :)
KoriPrint
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@Irasor, Disagree, look at the another deal / analysis !? The fibo is stretch at the correct place and the price proof that !
The price stops at the first target zone, let's see what will happen tomorrow?
Respect to your education and video-series, but this you said does not seems to be a correct way to use fibo!
Trading2ez
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@KoriPrint, Whats the pont of fibs there? ask yourself: What do you want to measure? With the retracement you want to measure the percentage loss of the impuls within the countertrend. What do you wanna measure with the extension?
It`s simply mathematics:
Fibonacci is based on the addition-law 1+2 = 3.....2+3=5...3+5=8 and so on..
The result of Leonardo Fibonacci`s experiment was: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 134, 233, 377, 610...
The relation between these numbers do proof what I mean - A retracement-level is nothing else than the reciprocal of an extension-level.
89 / 55 = 1,618
55 / 89 = 0,618
55/34 = 1,168
34/ 55 = 0,618
89 / 34 = 0,382 and so on...
I did the same mistake. I mean, if it works for you.. fine. But it is not the right way ;-)
Your chart simply shows a retest of the recnet low which is a strong support-level.