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.
Our “Chart of the Day” feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, click here to learn more. Trade our money, take 75% of the gains and none of the risk.