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Chart of the day: AUD/USD

AUD/USD nearing golden Fibonacci retracement target

The AUD/USD is closing above the 200dma today for the first time since November of last year. And this development as the pair is near the highs of the day should allow for further gains in the days ahead.

The first target is the 127% extension of the quick drop (Liberation Day early April) which is at the .6524 level. Above there, the next resistance is at .6557, which is the 61.8% Fibonacci retracement of the September 2024 high to April 2025 low. Once there, we'd expect sellers to step into the market.

Author

Blake Morrow

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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