AUDUSD TECHNICAL ANALYSIS ON DAILY TIMEFRAME
Publish Date : 2019/10/15 - 07:36

AUDUSD TECHNICAL ANALYSIS ON DAILY TIMEFRAME


AUD/USD has been in a downtrend since the beginning of 2018, and for one year, has been confined to a downward sloping channel.

On a 240-minute chart, we can see that price traded right to the 61.8% Fibonacci retracement level.

There is immediate resistance above at the recent high and 61.8% retracement level at .6810.

Above that resistance comes near the previous highs and psychological resistance near .6900.

AUD/USD bears will be looking to sell near these levels and look to take out the October 1st and 2nd lows.

Source:forex.com

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