FX.co ★ torp.paris | AUD/USD

Hello traders, I am analyzing the AUD/USD on the four-hour timeframe. Last trading week, the price entered a correction phase after an uptrend. It managed to drop to the 23.6% Fibonacci retracement support and bounce back from it to the 9%. The price reversed from this resistance level. This upward wave is an internal pattern that indicates the target level at 50% (0.6800). On the chart, I have shown how it would be nice to see the movement ideally. The correction will not end at 50%; the key target is at 61.8%, around 0.6720. This is the final target for the corrective decline, so after testing the 50%, one should consider where the AUD/USD will move next. There might be a pullback from 50% to 23.6% within the hourly ascending correction and then a return to the decline towards the 61.8% target.