AUDUSD – Back again at channel bottom
Price declined back to the 2-year channel bottom again, which completes (abcde) zigzag pattern.
This point also coincides with 78.6% Fibonacci retracement level of 0.7330-0.8120 uptrend (May to September rally).
If channel bottom support is broken, this will be a confirmation for a strong bearish flag formation.
From a fundamental point of view, AUD_ is under pressure as RBA is dovish on further rate hikes. Meanwhile the sharp drop in gold_prices also put additional pressure on AUD_ last week.
The currency pair mostly depends on USD_ strength now. This week’s FED meeting will determine the direction: either a break or bounce from channel dip.
This point also coincides with 78.6% Fibonacci retracement level of 0.7330-0.8120 uptrend (May to September rally).
If channel bottom support is broken, this will be a confirmation for a strong bearish flag formation.
From a fundamental point of view, AUD_ is under pressure as RBA is dovish on further rate hikes. Meanwhile the sharp drop in gold_prices also put additional pressure on AUD_ last week.
The currency pair mostly depends on USD_ strength now. This week’s FED meeting will determine the direction: either a break or bounce from channel dip.
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