AUDUSD Rests Cautiously At A Major key Level Ahead of Q1 GDP

Published date: 06/06/2018
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We did, in fact, see the surge of AUD as the price went and reached the 0.76500 level on Monday and has since stalled at this level.


As price looks to be at a critical junction of 0.76500 we will either see a continuation to the upside or a rejection and further weakness is currency pair. In the early hours of Wednesday Morning, the Q1 GDP figures were released coming in at 1% rather than the forecast 0.8%. The market reacted with a short bullish burst recovering Tuesdays loss's and spiking a new high at 0.7673 before retreating slightly. 

I now favour a bearish momentum to overtake for the remainder of the week as the stars align from a technical standpoint. The favoured retracement Fibonacci region has been achieved along with a retest of the key resistance zone of 0.76500. The current series of Lower-Highs is also holding weight on the overall structure of the pair. As long as the pair remains below 0.7700 I will be looking for reversal formation to occur on higher timeframes to hold the strongest probability of a reversal. 


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