Chart of the Day: AUD/USD to Rebound Lower?
Forex Analytix | Jan 30, 2023 11:59PM ET
Although most of the traders in the Forex Analytix community have turned bearish on the AUD/USD over the last week, it's important to talk about "why" that is technically and show you where we are wrong.
First of all, the AUD/USD stalled at the horizontal resistance (highs) from early August 2022. Also, the long-term 61.8% Fibonacci retracement from the April 2022 highs to October 2022 lows came in just below the .7100 level.
We knew this would be a strong pivot, and now that we closed below the near-term ascending trend line, a move back below .7000 is warranted. Only back above the .7150 turns the pair bullish again.
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