The Aussie has continued to sell off since the bears were seen selling into the 1:1 (Light blue) and 38.2 fib at 0.78750/800, momentum has picked up on the downside today with the Employment Change and Unemployment Rate missing expectations.
I will be looking to sell into strength on the 1:1 (Light blue) and 23.6 fib at 0.76900 with a tight stop at 0.77050. My first target will be the days low at 0.76430, if momentum picks up on the break of this low I will look to target 0.75000.
* A 1:1 refers to a current correction being equal in length to a prior correction
ABOUT REECE MARINI