AUD/USD: On the Weekly time frame, price is retracing inside

Tian Kriek

Analyst


June 2, 2020 11:40 AM

BEARISH

Daily Trading Range:
AUD/USD: On the Weekly time frame, price is retracing inside the down Fibonacci AB Boundary. The Probability is Bullish and will remain Bullish until the counter trend line is broken. Next Resistance is the 0.618 Fibonacci level at 0.7131 about +150 pips away. The Daily chart is overbought as the Fibonacci D extension was hit and to date there is no Fractal High. I would expect price to retrace once a Fractal High is formed. Get this chart and analysis for free. Copy and Paste the following link in your browser: https://smarttrader.com/charts/tkriek/tk-aod-london-workspaces_29/

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 0.7750
Resistance 2: 0.7250
Resistance 1: 0.7000
Current Price 0.6989
Support 1: 0.6850
Support 2: 0.6700
Support 3: 0.6400

Two Hour Chart

Two Hour Chart
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