AUD/USD Possible Scenario (September 20, 2021)
It's been a tough week for Gold and major currencies. From a price action perspective, AUD/USD went down creating a descending formation or a falling wedge.
Since its behavior is getting more and more corrective, I think this could be a preparation for an impulsive move to break the falling wedge to the upside after reaching the 61.8% Fibonacci Retracement which is a critical support area.
My first target will be the 38.2% Fibonacci Retracement level at 0.7329. Breaking it will push the price towards the 50% Fibonacci Retracement at 0.7356.
If the price also manages to break above 0.7356, we may see a great continuation towards 0.7408 and 0.7462
Since its behavior is getting more and more corrective, I think this could be a preparation for an impulsive move to break the falling wedge to the upside after reaching the 61.8% Fibonacci Retracement which is a critical support area.
My first target will be the 38.2% Fibonacci Retracement level at 0.7329. Breaking it will push the price towards the 50% Fibonacci Retracement at 0.7356.
If the price also manages to break above 0.7356, we may see a great continuation towards 0.7408 and 0.7462
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.