The AUDUSD has dropped exactly to the fibonacci 0.382 support at 0.7240/45 levels, as discussed as a probability yesterday. The currency pair is expected to find support around these levels for now, with a short term support trend line also passing very closely. If the above structure olds well, we could see AUDUSD pushing higher towards 0.7370 levels, which is fibonacci 1.618 levels for Wave 1 or A as depicted on the chart view here. On the other hand, a drop below 0.7200 levels consistently, could indicate that AUDUSD could be producing a 3-3-5 corrective wave structure going forward. We shall bring forth the counts as waves progress.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.