Chart of the day: AUD/USD [Video]

Blake Morrow Forex Analytix

The AUDUSD has a bear flag developing which could target the .7050 level in the coming week(s). The pair is struggling to break the 38% Fibonacci retracement at the .7319 level and while below this (and the 50dma) the risk if for a move below the .7200 level. The measured move of the bear flag is .7050 which happens to be the LONG term 38% retracement of the post COVID-19 lockdown lows March 2020 to the highs of February 2021.

Author

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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