The AUD/USD pair fell significantly during the week, reaching down to the 50% Fibonacci retracement level. If we can break down below the bottom of the
The AUD/USD pair fell significantly during the week, reaching down to the 50% Fibonacci retracement level. If we can break down below the bottom of the candle, I think that the Australian dollar will continue to go much lower. Alternately, if Gold markets rally, we could see the Australian dollar do the same thing, but currently it looks as if the Aussie is starting to fade a bit. I would suspect that this market will continue to chop back and forth and therefore will be difficult to trade from a longer-term standpoint.
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.
