Bank of Australia’s Interest Rate Decision. In doing so, the quote remains sidelined after rising in the last three consecutive days, following a bounce off the yearly falling wedge’s bottom line.The Aussie pair’s rebound from the support line of a falling wedge established since late December 2022 crossed 61.8% Fibonacci retracement of October 2022 to February 2023 upside and teased the buyers in the last few days.
Following that, the aforementioned falling wedge bullish chart pattern’s top line, close to 0.6730 at the latest, becomes crucial to watch for clear directions. Should the quote rises past 0.6730, the odds of witnessing a run-up towards crossing the previous monthly high of around 0.6720 can’t be ruled out.
On the contrary, pullback moves may initially aim for the 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, close to 0.6545 at the latest. However, the AUDUSD bears need validation from the wedge’s bottom line, surrounding 0.6495 by the press time.
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