AUD/USD is probably resuming its short-term uptrend after completing a correction. A break above 0.6624 would help confirm the bullish case. AUD/USD may have formed a Measured Move with a final target at around 0.6690. AUD/USD is trading in the 0.6590s on Thursday after finding support from the 50 Simple Moving Average and mounting a recovery.
The second target is generated by a possible Measured Move pattern that AUD/USD has formed since the April 19 lows. These patterns are like large zig-zags composed of three waves, labeled A, B and C on the chart. The general expectation is that wave C will be either the same length as A or a Fibonacci 0.681 of A. Wave C has already reached the Fibonacci 0.681 target of the Measured Move at the May 3 highs, however, there is a chance it could go all the way to the second target where C=A at 0.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
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