AUDUSD broke a support trendline on a failed retest. If it had successfully retested the trendline of the previous two points, it would have validated it and probably have gone up past 0.78.
However, instead we have a strong bearish movement for two daily candles that followed the breakout. I rarely use Fibonacci Retracement, however, in this instance I believe it will be beneficial to do so.
After the area above and slightly below 0.74 seen on the chart, this pair has bearish room down to 0.73, and then down to 0.7150.
Although I've set it to bearish, we may see a bullish move from 0.74 up to 0.7540.
We will see what happens next week.
However, instead we have a strong bearish movement for two daily candles that followed the breakout. I rarely use Fibonacci Retracement, however, in this instance I believe it will be beneficial to do so.
After the area above and slightly below 0.74 seen on the chart, this pair has bearish room down to 0.73, and then down to 0.7150.
Although I've set it to bearish, we may see a bullish move from 0.74 up to 0.7540.
We will see what happens next week.