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Jul 16 - 01:55 PM

AUD/USD - Fibo Remains Magnetic But Shorts Should Be Confident

By Christopher Romano  —  Jul 16 - 12:44 PM
  • AUD/USD falls to a 7-month low after support near 0.7400 gets pierced

  • Follow through is limited, pair bounces near the 23.6% Fib of 0.5510-0.8007

  • Daily RSI does not confirm the new low, suggests correction risk grows

  • Falling monthly RSI, inverted monthly hammer are bear tech signals though

  • Longer-term bear signals suggest any correction is likely to be limited

  • Rally selling theme likely to persist, test of Dec low seems likely

  • Break of December monthly low could lead to test of sub-0.7000 levels

  • For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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