AUDUSD: Momentum to pick up on the downside, see why? by Reece Marini

AUDUSD Weekly

AUW

The Aussie continues to fall with the market now picking up momentum on the downside as the 61.8 fails to attract solid buying interest.

AUDUSD H4

AU1

I mentioned yesterday the importance of the AB=CD (Light blue) and 38.2 fib that coincided at 0.80200/250, this resistance level attracted solid selling interest from the bears with the market now 185 pips lower,

AUDUSD M5

AU5

The smart money was seen selling in early London traded on the 1:1 (Light blue) at 0.78800, the market fell 50 odd pips on the back of this resistance level.

The resistance level to watch now is the 1:1 (Purple) that comes in at 0.78850, with the 61.8 fib at 0.79440 now history selling rallies continues to be the best play.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here.

The post AUDUSD: Momentum to pick up on the downside, see why? appeared first on www.forextell.com.

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