- AUD/USD meets daily resistance and the focus is on the downside.
- Bears can target a confluence of structure and Fibo area.
AUD/USD is on the verge of a significant downside correction as the price meets daily resistance.
Bears can target the prior resistance structure which has a confluence with the 38.2% Fibonacci retracement level of the daily impulse.
Daily chart
The daily chart shows the confluence of the 38.2% Fibo and prior resistance.
30-min chart
The 30-min chart shows meanwhile support that traders will be eyeing for a break, retest and subsequent downside correction to prior daily resistance.