Similar to AUD/JPY, the price of AUD/USD has been growing non-stop! As we all know, after a really strong impulsive move, a correctional move is needed. Therefore, we will be closely monitoring the price action and patiently waiting for a sell signal to arise before we open short positions and aim for the previous zone of resistance turned support, which aligns with the 0.5 Fibonacci retracement level
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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.