Home AUD/USD Price Analysis: Bears reloading at 23.6% Fib
FXStreet News

AUD/USD Price Analysis: Bears reloading at 23.6% Fib

AUD/USD dropped overnight as the US dollar picked up a bid and took on the 93 area in the DXY.

Risk sentiment was dishevelled on the back of the move in the greenback that started before the FOMC minutes. 

AUD/USD was already below the 21-hour moving average and the minutes were the nail in the coffin for an extension to market structure.

As per the overnight analysis, AUD/USD has reached the downside target at the structure:

AUD/USD ahead of the FOMC minutes:

At the time of writing, AUD/USD is trading at 0.7171,

The price reached a 23.6% Fibonacci retracement level and has been rejected there.

Looking left on the charts, there could be some commitment from the bears at a major structure of the prior uptrend (0.7160/70) before the price might be drawn towards a deeper retracement to the 200-moving average on the 4-hour time frame, 0.7100/7110.

 

 

 

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.