This 0.75700-0.76000 area is a supply zone aswell as support for months now. The 1.0 FIB has been touched before and shot up, however not really this time, so a drawdown is expected, but a weak dollar will most likely easily shoot the price to the next fib zone. Furthermore, the daily uptrend, trundline is causing major consolidation which in turn, most probably will cause a reversal back to the resistance of 0.77/0.78
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1.0 FIB has hit and its reacted in a 10 pip sharp rise. Next 48 hours will decide the overall direction
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Another nice 25 pip rejection from the 75600's. Reacted nicely off the 1.0 FIB
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Played out just as expected. After a few more 10 20 pips, a retracement is expected maybe back to 75900's, before we go higher
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Beautiful play the plastic 48 hours. Strong DXY still manages to maintain a uptrend in the AUD/USD which shows clear strength. What I'm looking for next. The 0.76300 line is a minor resistance level that I'm looking for a break above at. Once that occurs this will add another confirmation for a reversal back to 0.77/0.78.
Thank you so much. I am saving this chart. If it works out, I would be extremely grateful for the lesson you just provided.
nagzw76
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@Sophiaelias, Appreciate that, the probability of the rise is more likely than downwards, so am looking forward to any dollar news which would help this. But Anyways thanks for the reply