If we look at AUDUSD on the weekly charts, we can see that the pair has been in a long-term decline, and is currently experiencing a Fib 68% retracement.
However, when we examine the pair on the Daily chart, the short term trend is up since Jan 16, and price could be retracing to Fib 68% (0.7210).
If 0.72100.7200 holds, we could see price go higher. If the level breaks, then price likely to fall to 0.6900.
Weekly view
However, when we examine the pair on the Daily chart, the short term trend is up since Jan 16, and price could be retracing to Fib 68% (0.7210).
If 0.72100.7200 holds, we could see price go higher. If the level breaks, then price likely to fall to 0.6900.
Weekly view
Trade closed: stop reached:
Closed only because I moved the SL
Comment:
Will look to re-enter
