Longs from the 0.7586 region possible - strong confluence here!
With the US dollar advancing across the board yesterday the AUD/USD tumbled lower, bottoming just ahead of the 0.76 psychological barrier. In view of this, we’re currently drawn to the 0.7577/0.76 H4 support area today. Supporting a bounce from this zone we have the following converging structures:
• A H4 AB=CD 127.2% ext. at 0.7586.
• A H4 61.8% Fib support at 0.7582.
• February’s opening level at 0.7577.
• Round number 0.76.
• We also have the top edge of a daily support area at 0.7581 bolstering the above noted H4 support zone.
Our suggestions: Based on the above confluence, we feel a long from the 0.7586 mark is feasible. To be on the safe side, stops may want to be placed beyond the H4 161.8% ext. at 0.7560 (0.7558).
Data points to consider: There are no scheduled high-impacting news events on the docket today relating to these two markets.
• A H4 AB=CD 127.2% ext. at 0.7586.
• A H4 61.8% Fib support at 0.7582.
• February’s opening level at 0.7577.
• Round number 0.76.
• We also have the top edge of a daily support area at 0.7581 bolstering the above noted H4 support zone.
Our suggestions: Based on the above confluence, we feel a long from the 0.7586 mark is feasible. To be on the safe side, stops may want to be placed beyond the H4 161.8% ext. at 0.7560 (0.7558).
Data points to consider: There are no scheduled high-impacting news events on the docket today relating to these two markets.
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