Hey Everyone,
So AUDUSD has been the talk of the town lately with its amazing rally the past few days.
A lot of people in the chat are wondering when it'll reverse so they can catch the drop with a short position.
Well, at the moment I'm staying neutral on this one until a few more price action confirmations show themselves.
It seems like AUDUSD has enough steam to reach the 50% fib level at 0.7495.
If it sees that level as resistance it has a good chance of falling back to the 38% fib for support (which was once resistance)
This is why I'm neutral at the moment. Price can possibly range between the two fib levels or rocket off again from the support level. We'll have to wait and see until some levels are broken before I put any sort of bias on direction.
Well....the long term BEAR trend is still intact. The 365 ema hasn't been touched for a long long time.
So AUDUSD has been the talk of the town lately with its amazing rally the past few days.
A lot of people in the chat are wondering when it'll reverse so they can catch the drop with a short position.
Well, at the moment I'm staying neutral on this one until a few more price action confirmations show themselves.
It seems like AUDUSD has enough steam to reach the 50% fib level at 0.7495.
If it sees that level as resistance it has a good chance of falling back to the 38% fib for support (which was once resistance)
This is why I'm neutral at the moment. Price can possibly range between the two fib levels or rocket off again from the support level. We'll have to wait and see until some levels are broken before I put any sort of bias on direction.
Well....the long term BEAR trend is still intact. The 365 ema hasn't been touched for a long long time.