Looking for a continuation of the Dollar strength we have been having. Price has been leaving wicks above the 78.6% Fibonacci retracement level simultaneously creating a new lower-high. Looking for the pair to fall to 0.70550.
Do not forget to use proper risk management as I am simply sharing my thoughts and I am not a machine that can predict the market.
From a fundamental standpoint, I am bullish on the USD and safe-haven currencies, while being neutral on AUD. According to MyFxBook, 46% of retail traders are currently short on the pair while 54% are long.