BabyPips.com FX-Men Team
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AUD/USD: 4-hour
If you prefer trading retracements, then you might like this pullback situation on AUD/USD’s 4-hour forex chart. The pair recently broke above the neckline of its double bottom formation, indicating that an uptrend is underway. Price shot up to a high of .7382 before Aussie bulls decided to take it easy and retreat to the broken resistance area. This coincides with the 38.2% Fibonacci retracement level and is close to the .7200 major psychological mark, which might be enough to hold as a floor. Stochastic is almost in the oversold zone while the moving averages are making an upward crossover, indicating that the rally might resume sooner or later. If the pair is in the mood for a larger correction, the 61.8% Fib near the moving averages seems to be the line in the sand.
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