AUD/USD Pulling Back Below 38% Fibonacci

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AUD/USD Pulling Back Below 38% Fibonacci

4:30 PM (EST) Update

AUD/USD Daily: Pulling back while remaining above Ichimoku’s cloud and 23% Fibonacci

Forex Trading idea: Long positions above 0.7980 targeting 0.8150 and 0.8245 in extension

Technical Analysis: The Australian dollar dancing against US dollar (AUD/USD)  is back above the Ichimoku cloud and confirmed above 23% Fibonacci. However currently  it is facing a pullback ahead ahead of Asian market open dragged down by strong US dollar on better than expected unemployment claims. While it could be temporary, we are expecting more rallies from Australian dollar towards the 38% Fibonacci. The RSI remains below the oversold zone.

Alternative Scenario: Below 0.7731 look for a reversal back to the 0.75 level

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
0.76 0.7980 0.8150
0.75 0.7731 0.8245