AUD/USD: FIBO Levels and Stochastic Divergence for SHORT Impulse

Mar 15, 2023Yesterday, as previously discussed, the price within a Bearish trend experienced a pullback on the dynamic resistance, coinciding with the Fibonacci level area between 50% and 61.8%. This resulted in a potential downward impulse for the price. Furthermore, it is important to note the existence of a Divergence on the Stochastic indicator, which indicates an overbought situation.

Considering these factors, it is our professional opinion that a short impulse continuation in the direction of the main trend is likely to occur. As such, it would be prudent for traders to carefully monitor these developments and position themselves accordingly.