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1 Apr 2019
AUD/USD Technical Analysis: Price, correcting at the 38.2% Fibo support, targets trendline resistance
- Bears were let down by momentum with the price correcting at the 38.2% Fibo support of the 2019 swing low/high range for a run to test 0.7012.
- To the upside, the price can travel towards the 23.6% Fibo confluence with cloud top targetting the 0.72 handle on a break of trendline resistance and the 200 DMA, end of February high - a potentially strong level of resistance.
- On the flip side, on a break below the 50% Fibo target, then 0.6954 as the 127.20% ext Fibo of the 8th May - 20th May range, there would be scope for the 0.6850/78.6% retracement of the flash crash low.
