In this example, we see the movement of the bullish trend for the AUDUSD pair.
The lower low (0.54980) and the beginning of the bullish trend is March 2020, the beginning of the coronavirus crisis, and the higher high (0.80170) was a year later in March 2021.
After that, the AUDUSD pair makes a pullback, and we can set the Fibonacci retracement level to monitor the pullback strength.
Pair AUDUSD finds support at 38.2% Fibonacci level (0.70500), and we are moving into a new bullish impulse.
Additional support for the new bullish sequel is the AUDUSD break above the resistance trend line.
Our first target is the previous high at 0.80170, and if the AUDUSD pair manages to break above, our next target is the -27.2% Fibonacci level at 0.87000.
The lower low (0.54980) and the beginning of the bullish trend is March 2020, the beginning of the coronavirus crisis, and the higher high (0.80170) was a year later in March 2021.
After that, the AUDUSD pair makes a pullback, and we can set the Fibonacci retracement level to monitor the pullback strength.
Pair AUDUSD finds support at 38.2% Fibonacci level (0.70500), and we are moving into a new bullish impulse.
Additional support for the new bullish sequel is the AUDUSD break above the resistance trend line.
Our first target is the previous high at 0.80170, and if the AUDUSD pair manages to break above, our next target is the -27.2% Fibonacci level at 0.87000.
