AUD/USD Possible Scenario (September 20, 2021)
It's been a tough week for Gold and major currencies. From a price action perspective, AUD/USD went down creating a descending formation or a falling wedge.
Since its behavior is getting more and more corrective, I think this could be a preparation for an impulsive move to break the falling wedge to the upside after reaching the 61.8% Fibonacci Retracement which is a critical support area.
My first target will be the 38.2% Fibonacci Retracement level at 0.7329. Breaking it will push the price towards the 50% Fibonacci Retracement at 0.7356.
If the price also manages to break above 0.7356, we may see a great continuation towards 0.7408 and 0.7462
Since its behavior is getting more and more corrective, I think this could be a preparation for an impulsive move to break the falling wedge to the upside after reaching the 61.8% Fibonacci Retracement which is a critical support area.
My first target will be the 38.2% Fibonacci Retracement level at 0.7329. Breaking it will push the price towards the 50% Fibonacci Retracement at 0.7356.
If the price also manages to break above 0.7356, we may see a great continuation towards 0.7408 and 0.7462
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