FX.co - AUDUSD could pull back all the way to 0.6750 over the next couple of weeks

2020-10-08T21:31:26

Relevance until2020-10-09

AUDUSD could pull back all the way to 0.6750 over the next couple of weeks

AUDUSD has stopped its upward trend that began back in March from 0.55 to 0.74. Price has many chances of a pull back at least towards the 38% Fibonacci retracement area around 0.6750. Short-term trend is bearish.

AUDUSD could pull back all the way to 0.6750 over the next couple of weeks

Blue line- resistance trend line

Green rectangle -first pull back target

AUDUSD is making lower lows and lower highs, that is why short-term trend remains bearish. Our pull back target is between 0.67-0.6850. Resistance is found at 0.7235. As long as price is below this level, then the chances for a pull back are higher.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

#Trend Line #USD #AUDUSD #AUD #For beginners

Analytical expert

Alexandros Yfantis

InstaFintech Group @ 2007-2025

FX.co ★ AUDUSD could pull back all the way to 0.6750 over the next couple of weeks

Forex Analysis

AUDUSD could pull back all the way to 0.6750 over the next couple of weeks