AUDUSD Consolidating Near 38.2% Fib Retrace of Apr-Oct Slide
AUDUSD Weekly/Daily/4hr
The (AUDUSD) is edging higher as its near month long consolidation around downchannel resistance (on the weekly chart) approaches completion. The AUDUSD has all but made a major bottom in October, halting a slide since early 2021 (as can be seen easier on a monthly chart on tradingview.com). Odds are elevated for a retest by year end, of the 50% Fib retrace of the slide from the April peak to the October low. A further push higher could occur Friday with the US’ core PCE price index. The escalation in the Ukraine-Russia conflict deserves close monitoring. Congratulations to paying subscribers who benefited from the Oct 31, 2022 analysis suggesting another effort at forming a major bottom. The weekly and daily RSI, Stochastics and MACD are bottomish or rallying. I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on EURUSD, GOLD
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
