Dmitriy Gurkovskiy | Sep 24, 2020 09:59
In the daily chart, the divergence on MACD made the pair stop growing between 61.8% and 76.0% fibo at 0.7130 and 0.7504 respectively and start a new descending tendency. The current high, which is the resistance here, is at 0.7413, while the first downside target is at 23.6% fibo (0.6963). After reaching and breaking it, AUDUSD may continue falling towards 38.2% and 50.0% fibo at 0.6684 and 0.6458 respectively.
As we can see in the H4, the asset is steadily falling towards 23.6% fibo at 0.6963. The current downtrend is looking pretty stable and fast but one shouldn’t exclude a pullback from the first target.
As we can see in the daily chart, the convergence on MACD made the pair start a new correction to the upside, which has already reached 23.6% fibo and right now is testing it. The next targets are 38.2% and 50.0% fibo at 1.3634 and 1.3831 respectively. The support is the fractal low at 1.2994.
The H4 chart shows a more detailed structure of the current uptrend. The pair is trying to break 23.6% fibo. The ascending wave is quite stable and may soon reach 38.2% fibo at 1.3634.
Written By: Dmitriy Gurkovskiy
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