The Australian dollar fell significantly during the session on Wednesday, breaking down to the 50% Fibonacci retracement level. It is in this area that
The Australian dollar fell significantly during the session on Wednesday, breaking down to the 50% Fibonacci retracement level. It is in this area that one would expect some type of support to appear, but as I record this video, that does not seem to be the case. A breakdown below the 0.7450 level should continue the move lower and I believe at this point, anytime we rally there will be sellers coming back to the market. It’s likely that we will go looking for the 61.8% Fibonacci retracement level, somewhere near the 0.7375 level underneath.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.