AUDUSD pivot at major Fibonacci level.

Although most of the traders in the Forex Analytix community has turned bearish the #AUDUSD over the last week, it’s important to talk about “why” that is technically, and show you where we are wrong. First of all, the #AUDUSD stalled at the horizontal resistance (highs) from early August, 2022. Also, the long term 61.8% #Fibonacci retracement from the April 2022 highs to October 2022 lows came in just below the .7100 level. We knew this would be a strong pivot, and now that we closed below the near term ascending trend line a move back below the .7000 is warranted. Only back above the .7150 turns the pair bullish again.

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Steve Voulgaridis