🦘 Nearest strong support zone: around the 0.382 fibo level of the downward wave.
🦘 Nearest strong resistance zone: around recent peaks.
🦘 Technical environment:
📊 Moving averages: 50/50
📊 MACD: Downtrend
📊 RSI: 50/50
🦘 Price action: AUD/USD Started its downward correction of the uptrend on February 2, which is currently all of -3.28% from the peak. All indications are that we are going to fall to the fibo 0.382 level of the upward wave where there is a strong support zone. Looking at how pivotal this level has been in the past, it represents a potential turning point for the price and the start of a continuation of the prevailing long-term uptrend.
📉 The scenario I am playing out is a continuation of declines to the vicinity of the support level, after which I expect the uptrend to continue. I do not exclude changing the scenario in case of a sudden change in the market situation. I am aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and carefully read the description.
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