AUD/USD -7/12/2021-

• Recently, we had seen oversold condition on the RSI
• This coincided with the previous support at the psychological level 0.70
• Aussie started to trade higher since then, in correction mode following a steep downtrend
• Next targets to the upside are:
1- 0.71230 (previous support turned resistance, 23.6% Oct-Dec fibo retracement, 10 Day MA)
2- 0.720 round figure (38.2% fibo retracement, 20 Day MA)
3- 0.7270 (50% fibo retracement)
4- 0.7330 (100 Day MA, 50 Day MA, 61.8% fibo retracement)
Given the underlying strength of the USD, I expect the market to correct no more than 50-61.8%