AUD/USD bulls step in at daily support and target upside correction. Bears will be seeking a test of familiar structure for a discount. AUD/USD is correcting the string downside move as we head into early Asia. The US dollar has been the top performer on Tuesday in risk-off markets which has weighed don the commodity complex. The following top-down analysis illustrates that the price is headed towards a sizeable retracement. Daily chart The bulls can seek a string retracement to old support and a confluence of the 61.8% Fibonacci retracement. However, there are nearer-term targets on the lower time frames. Hourly chart There is a confluence of old support meeting critical Fibonacci levels on the hourly chart. 15-min chart The lower time frames, such as the 15-min chart, can be used to identify near term structure in order to seek out optimal entry and targets. In this case, the conditions remain bearish but a cross over of the 8 open and 8 close SMAs can help reinforce the bullish bias as Momentum moves towards more positive territory. 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. View All Post By FX Street FXStreet News share Read Next Fed’s Bullard: Pencilled in 6.5% growth, unemployment down to 4.5% this year FX Street 9 months AUD/USD bulls step in at daily support and target upside correction. Bears will be seeking a test of familiar structure for a discount. AUD/USD is correcting the string downside move as we head into early Asia. The US dollar has been the top performer on Tuesday in risk-off markets which has weighed don the commodity complex. The following top-down analysis illustrates that the price is headed towards a sizeable retracement. Daily chart The bulls can seek a string retracement to old support and a confluence of the 61.8% Fibonacci retracement. However, there are nearer-term targets on the lower… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
