The AUDUSD is currently at 0.68758 and bearish traders are targeting the 38.2% Fibonacci level.
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- AUD/USD bears are in the market and eye the 38.2% Fibo.
The Australian dollar has been running on its last gas into the close on Friday with the price at its highest in four months, after surging 1.3% overnight. It is set for a 2.2% weekly gain, the best since mid-November 2022, and way off its 2023 low of $0.6459 two weeks ago. Technically the price is now reaching a daily order block:
At this juncture, there could be a sell-off and to target the depths of the 0.68s:
We have trendline supports to target as well.
The Fibonacci scale is also a focus in this regard with the 61.8% eyed in confluence with key support on the 4-hour chart:
That wick is vulnerable to be filled to test the 38.2% Fibo thereafter.
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