AUD/USD bulls are shifting in on the counter-trendline.
Bears are searching for a draw back extension.
AUD/USD is in consolidation following a sturdy correction into the each day counter-trendline. This is an region of confluence which ought to act as an vicinity of robust resistance, main to a draw back extension in the days ahead.
AUD/USD prior analysis
”The fee is in want of a correction and the 38.2% Fibonacci is the first goal that guards a mild confluence of prior lows and a 50% suggest reversion.
From an hourly perspective, this can be taken benefit of and bulls will be searching for a bullish shape to structure in the coming sessions:”
The fee has rallied to check the counter trendline in a 61.85 Fibonacci retracement which would be anticipated to act as company resistance on subsequent restest. A draw back extension would be anticipated for the days ahead.