Technical analysis of AUD/USD 03/08/2023

The AUD/USD currency pair on (1D) is developing a downward correction. The pair broke through the support level 0.6666 (50% Fibo), after which the level 0.6666 became the current resistance level. At the moment, quotes are in the area are in the area of 0.6580.

The technical picture suggests a continuation of the pair’s decline to the support level of 0.6550 (61.8% Fibo).

If the pair manages to consolidate below 0.6550, technically this will mean the transition of the downward correction into a downtrend with the nearest target at the low of 0.6170.

Cancellation of the downtrend development option will be the growth of quotations above the maximum of 0.7150, which will mean the continuation of the uptrend.


Created by Joshua Hayn

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