13:15 GMT - Consolidation above 0.7700 is giving way to the anticipated break lower, as negative daily stochastics and the bearish Tension Indicator add fresh weight to sentiment.
Focus is turning to the 0.7625 Fibonacci retracement, with a further close beneath here confirming a more significant correction, extending
AUDUSD losses below 0.7600 towards the 0.7500/15 area.
Meanwhile, an unexpected close above 0.7700 would delay downside development and put prices back into consolidation, capped by strong resistance at 0.7800/20.
Focus is turning to the 0.7625 Fibonacci retracement, with a further close beneath here confirming a more significant correction, extending
AUDUSD losses below 0.7600 towards the 0.7500/15 area.Meanwhile, an unexpected close above 0.7700 would delay downside development and put prices back into consolidation, capped by strong resistance at 0.7800/20.
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We are an award winning independent research firm, covering Macroeconomics, Policy and Financial Markets. Our Technical Analysis coverage spans 40 FX pairs across developed and emerging markets. Register for a free trial at continuumeconomics.com
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.