AUD/USD inside a supply area

AUD/USD inside a supply area

AUD/USD is looking for a solid consolidation above the 50 SMA at H1 chart and it’s already trapped in a sideways range inside a supply zone between the 0.7998 and 0.8028 levels, which corresponds to a duplication of a cycle started in August 24th, according to our Fibonacci outlook. However, around that zone we can expect a decline to take place, as the 100% Fibonacci expansion level has proven to be strong and such decline could happen towards 0.7949 level, at which lies the 200 SMA and 61.8% Fibo zone.

RSI indicator remains hovering around the 50 level, calling for more sideways’ moves.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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