Technical analysis of AUD/USD 02/06/2020
During the downward movement, the AUD/USD currency pair found support at 0.6680 and began to correct upwards on the 1D timeframe. At the moment, the price is around 0.6760 (23.6% of the Fibo grid).
The current technical picture gives reason to assume a possible continuation of the upward correction within the Fibo grid levels: 38.2% – 0.6800; 50% – 0.6850, after which the resumption of the downward movement to the zone of the level of 0.6680 and below.
Cancellation of the option to continue the decline after correction will be a strong increase above 0.6900, which will indicate a breakdown of 61.8% of the correction level on the Fibo, MA100, MA200 grids and may mean the resumption of the upward trend on the 1D timeframe.
Created by Joshua Hayn