Advertisement
Advertisement

AUD/USD Forecast April 27, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Apr 27, 2017, 04:15 UTC

The Australian dollar fell significantly during the session on Wednesday, breaking down to the 50% Fibonacci retracement level. It is in this area that

AUD/USD daily chart, April 27, 2017

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.

AUD/USD Video 27.4.17

About the Author

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.

Did you find this article useful?

Advertisement