Fibonacci retracements indicate AUD/USD still overpriced
Technical insights: (AUD/USD)No wonder.. why has this pair been slumping.On a daily chart of AUD/USD it is figured out that almost 80% of retracement on a short term all the way from peaks of this pair at around 0.81 lev…
Technical insights: (AUD/USD) No wonder.. why has this pair been slumping.
On a daily chart of AUD/USD it is figured out that almost 80% of retracement on a short term all the way from peaks of this pair at around 0.81 levels.
Inverse trend line signaling the direction towards Fibonacci points at 0.236 levels which means no trace of recovery on this pair as it is trading near %D line on stochastic. (0.236)*(0.7985) = approximately another 0.18 points from current juncture.
However, we suspect the other oscillators except RSI show early signs of recovery. But long term traders are advised to tolerantly wait for better clarity for upside swings.
Risky swing traders can enhance the returns if they catch early reversal points.
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