AUD/USD - Tuesday Has Left Investors Short On The Australian Dollar
Tuesday's price action left little to the imagination as price attempted to push higher only to reach the 0.7620 region and fall back below the weekly support at 0.75750.
The strong daily closure has given us the warning signs there may be a sharp sell-off in price after its recent retracement but into the favoured Fibonacci level a huge level of resistance at 0.7650. We currently have a series of Higher-Lows with the structural low sitting at 0.75200 we could expect this to be broken and the pair the reach 0.7400 in the coming days leading into next week.
With the USD dominating the data in terms of fundamentals, we may have to wait later on in the day to see the liquidity and volatility we have come to expect when the Federal Reserve interest Rate decision to be announced.