AUD/USD Price Analysis: Bull correction underway, 0.7350s eyed ahead of 0.7280 on the bear continuation By ross_burland AUDUSD Technical Analysis
l-off is decelerating near to Friday's low which leaves prospects for a correction for the forthcoming hours and day ahead. As illustrated, the upside offers the 61.8%, 50% and 38.2% ratios in the confluence of the old supporting area as defined by one of the 6 and 7 March hourly candle's lows. This makes for a target range of between 0.7380 and 0.7355.
The daily chart shows that the bears are piling in, likely sparked off by extreme long positioning that has taken profit with most factors, both onshore and offshore, pointing to a strongerThe price is dipping the toe into a prior resistance area around the 61.8% ratio in the lows of the day, but further mitigation of the imbalance of price since the 2 March rally leaves the 78.6% ratio vulnerable near 0.7280.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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