AUD/USD retraces 61.8% and reverses
Since the trend in any instrument can best be measured by a series of wing highs and lows or in the case of a sideways market a lack thereof, traders have to evaluate the swings in a chart to conclude an instrument's present state. The Aussies has been in a significant downtrend since 8/9 but recently posted a big bounce starting on 9/6. My blog post on 9/4 “AUD/USD looking for a bounce. Has the longer term trend changed?” correctly identified the possibility of a short term reversal in the near term.
Since that bounce price has corrected 61.8% (common Fibonacci level) and now seems ready to reverse. With a report out this morning that Chinese consumption has weakened this should add to the momentum that has already begun and moved AUD/USD from its peak at $1.04 to 1.0346 as of this writing. See the charts below.
Since that bounce price has corrected 61.8% (common Fibonacci level) and now seems ready to reverse. With a report out this morning that Chinese consumption has weakened this should add to the momentum that has already begun and moved AUD/USD from its peak at $1.04 to 1.0346 as of this writing. See the charts below.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.