A quick glance at the Aussie chart shows strong resistance defined by a Fibonacci cluster and resistance area .

The 0.7730/35 area could prove a difficult barrier to overcome in future sessions, We have the 61.8% fib from the 13-17 October high low which also corresponds with the 50% of the larger move from the May-Aug low highs .

Strong support is noted at the recent lows at 0.7625 and  the 61.8% fib May-Aug, which also happens to be the 161.8% extension of the October low to high.- My bias is lower as long as we hold resistance (which is looking strong) and a move below 0.7625/20 should see a more extended downside move .To put it simply – This is a straight play between the yellow lines on the chart below .

 

AUDUSD-H4

Horatio Dubsly

Collects more scalps than Crazy Horse and newly crowned Bitcoin & Dow top calling master.
Philosophy: "Trading rules.....it most certainly does"

Read how Horatio got into trading here
Horatio Dubsly

Pin It on Pinterest