Aussie headed for test of 0.75000 by Reece Marini

AUDUSD Weekly

AUW

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.

AUDUSD H4

AU4

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.

AUDUSD H1

AU1

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

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 its FREE

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