AUDUSD is currently moving off a critical level. We, this morning- as at close of the Asian session and at the open of London, hit a critical high (the November 2021 high) as well as the -27% fibonacci level on the H4 chart.
We then saw a strong rejection off this level to the downside and might as well be preparing for sells. If LTF structure fails to hold as bullish, we are looking at a potential reversal to the downside, at least till around the 0.73500 psychological level. I reckon price is bound to end up even lower, around 0.72650 but 0.73500 is a fair zone to seek profit targets.
If we fail to switch structure, I am of the opinion that 0.75430 is a fair intra-day target.
Happy pippin!
We then saw a strong rejection off this level to the downside and might as well be preparing for sells. If LTF structure fails to hold as bullish, we are looking at a potential reversal to the downside, at least till around the 0.73500 psychological level. I reckon price is bound to end up even lower, around 0.72650 but 0.73500 is a fair zone to seek profit targets.
If we fail to switch structure, I am of the opinion that 0.75430 is a fair intra-day target.
Happy pippin!