Hi traders,
We have seen overall AUDUSD has been in a downtrend since 2013. However, 10th March, shown us a impulsive move to the downside more than normal. But using the fib tool we can see that impulsive downward movement has been corrected an it has retraced to the 1.0 region and reached key resistance levels now. (As shown below on 1D timeframe:
Now it has corrected itself and pulled back to previous resistance leveis, could we then use the fib tool to see the impending pullback i ask?
as you can see it could set up for a lovely short to the 0.5 fib region which is also a nice support area for this pair
Lets await price action to show us their hand
We have seen overall AUDUSD has been in a downtrend since 2013. However, 10th March, shown us a impulsive move to the downside more than normal. But using the fib tool we can see that impulsive downward movement has been corrected an it has retraced to the 1.0 region and reached key resistance levels now. (As shown below on 1D timeframe:
Now it has corrected itself and pulled back to previous resistance leveis, could we then use the fib tool to see the impending pullback i ask?
as you can see it could set up for a lovely short to the 0.5 fib region which is also a nice support area for this pair
Lets await price action to show us their hand