Technical analysis of AUD/USD 04/23/2020
The AUD/USD currency pair is in an upward correction as part of a downtrend on the daily chart. Currently, the price is consolidating in the 0.6400 – 0.6450 area(61.8% Fibo). The technical situation gives reason to assume the end of the upward correction at current levels and the beginning of the development of a new downtrend wave with the potential to decline to March lows in the area of 0.5500. If quotes are fixed above 0.6450 (the intersection of the trend line and 61.8% Fibo), this will mean that the correction turned into a trend with a potential growth target to January maximums in the 0.7000 area.
Created by Joshua Hayn