- AUD/USD failed to take out key Fibonacci hurdle for three consecutive days.
- A break below 0.6962 would shift risk in favor of a drop to recent lows.
AUD/USD risks falling below key support at 0.6962, having faced rejection at key Fibonacci retracement level for three consecutive days.
The currency pair failed to secure a daily close above 0.6996 – 38.2% Fibonacci retracement of 0.7206-0.6865 on Tuesday and Wednesday. Further, that level reversed gains on Thursday.
The repeated rejection at the key hurdle has shifted risk in favor of a bearish reversal below 0.6962 – the low of the inside day candle created on Wednesday.
A bearish close, if confirmed, would open the doors to retest of recent lows near 0.6865.
On the higher side, a daily close above the Fibonacci resistance is needed to the revive the bullish setup.
Daily chart
Trend: Neutral-to-bearish
Pivot points
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