AUD/USD Stays Below 50% Fibonacci – Quick Trade Plan - Forex News by FX Leaders
AUD/USD - 4 Hour Chart

AUD/USD Stays Below 50% Fibonacci – Quick Trade Plan

Posted Wednesday, October 23, 2019 by
Arslan Butt • 1 min read

The AUD/USD currency pair has seen buying up to 0.6860, despite taking a U-turn from 50% Fibonacci retracement.
Apart from the 100-day simple moving average level of 0.6855, the bullish signals from twelve-bar Moving Average Convergence and Divergence (MACD) indicators also support the pair’s further rise.
During the pair’s further run-up to 0.6900, July month’s low around 0.6910 and 61.8% Fibonacci Retracement level of 0.6925 should be keenly watched.
While 38.2% Fibonacci retracement level near 0.6830 and October 11’s high of 0.6811 could come back on the chart if prices slip below 0.6855.

AUD/USD - 4 Hour Chart
AUD/USD – 4 Hour Chart

Daily Support and Resistance
S3 0.6801
S2 0.6832
S1 0.6845
Pivot Point 0.6863
R1 0.6876
R2 0.6894
R3 0.6925
AUD/USD – Forex Trading Signal
Consider trading bullish above 0.6835 and bearish below the same in order to capture quick take profit at 0.6800. The 50 and 100 EMA are supporting the pair around 0.6800. On the lower side, 38.2% Fibonacci support level is likely to work as a bearish target.
Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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