- Following yesterday’s call, the price reached the mean reversion target area and has not deviated ahead of the Aussie data and RBA today.
- While below the 77.50/60 resistance area, the price can target the Ichimoku cloud bottom and 4th Jan lows confluence on a test of the 50% Fibo target at 75.80ish.
- First, the 38.2% Fibo and recent lows need to give.
- On the upside, where stochastics lean, the cloud resistance comes in at the collection of the moving averages with 78.40/50 a key area that meets the 23.6% Fibo.
Daily chart
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