Red lines- bearish channel
blue lines- Fibonacci retracements
A week ago we talked about the AUDUSD chart and the potential for a reversal to the upside. A break out of the bearish signal would be our bullish reversal signal and our first target was the 38% Fibonacci retracement. AUDUSD eventually broke out of the short-term bearish channel and is now moving towards our first target. Price has started making higher highs and higher lows in lower time frames, giving hopes to bulls. Our target remains at 0.6540-0.6550 area. Support is at 0.6275 and bulls do not want to see price break below this level.
The material has been provided by InstaForex Company – www.instaforex.com