AUDUSD M30: Bearish outlook seen, further downside below 0.63600
On the M30 time frame, prices are approaching the resistance zone at 0.63600, in line with the 61.8% Fibonacci retracement and a pullback to this resistance zone presents an opportunity to play the drop to the support target at 0.62800. This support zone lines up with the 61.8% Fibonacci retracement and is a zone that prices interacted with multiple times. Stochastic is approaching resistance at 94 as well where we could see a reversal below this level, supporting the bearish bias.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.