#AUDUSD @ 0.66994 s W-formation´s neckline could be holding up as support for the day ahead.
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- AUD/USDs W-formation´s neckline could be holding up as support for the day ahead.
- Bulls eye bullish continuation with 0.6720 eyed.
AUD/USD has moved up to challenge the 0.6700 area in a 38.2% Fibonacci retracement of the bearish run in the M-formation, a pattern illustrated in the pre-open market analysis at the end of Friday:
It was stated that the 0.6640s and 0.6620s were highlighted as the first support zone and that there could be a correction from this point.
AUD/USD has rallied from the lows and has completed a test of the 38.2% Fibonacci retracement. A continuation would be expected at this juncture for the day ahead.
If we zoom down to the 1-hour charts, we can see the price is forming an inverse head and shoulders and is on the backside of the prior bearish trendline:
The W-formation´s neckline could be holding up as support for the day ahead and we might see a bullish continuation with 0.6720 eyed.
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