HELLO TRADERS I AM KELACHI FROM NIGERIA, I HOPE YOU BENEFIT FROM THIS ANALYSIS. NOTE THAT MARKET IS REACTIVE AND NOT PREDICTIVE.
AUDUSD WAS IN A STRONG BULLISH MOVEMENT. A "M FORMATION" PATTERN WHICH IS A RELIABLE PATTERN IS ACTIVE. THE SECOND LEG IS COMPLETE AND RETESTING OF THE NECKLINE IS ACTIVE AND SHOULD HEAD TOWARDS THE TARGET.
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THE TARGET IS GOTTEN BY USING THE FIBONACCI RETRACEMENT TOOL AS A GUIDE TO AN EXACT POSSIBLE LEVEL PRICE CAN FALL. IF PRICE REACHES THE .786 OF THE FIBONACCI THEN A POSSIBLE FALL TO THE GOLDEN RATIO WILL BE UPDATED.
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