The Aussie continues to trade heavily and is set to test the 0.75000 level in the coming days, with a break and solid close below this level seeing momentum pick up on the downside.
The bears have been seen selling into recent rallies ever since 1:1 (Light blue) and 38.2 attracted solid selling interest. The trend line (Yellow) offered temporary support but eventually failed sending the Aussie to the lowest levels seen in a number of years.
I will be looking to sell into strength on the 1:1 (Purple) and 38.2 fib that coincide at 0.77000/100, my target will be the 0.75000 level.
* A 1:1 refers to a current correction being equal in length to a prior correction
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