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.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
