AUD/USD

Quoting TheMadMonk

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{quote} Question on that... That fib level is a downside retrace. My understanding is that it wouldn't have importance as we are approaching from below. Am I wrong on that? Personally, I think that 9300 will prove difficult because: 1. Big round number 2. Lack of AUD news events to push it around 3. August can be pretty slow IIRC 4. Last week has an O-H range of IIRC 64 pips. 64 pips from the low puts it at 9302 Having said all that.... We had major support at 9330 and might want to take another look from the downside. Drop down to the hourly chart...

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Quoting Expo33

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Retail longs are like body surfers majestically riding the waves into the shores of AU's weekly pivot at .9294, with the waves froth desperately touching 9300 just for a moment only to have the surfer dragged in the under tow back out to sea and dispersed like sand particles to the depths of despair, waking up drenched, disoriented, and exhausted on the shores of 9220

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Quoting HareshBM

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{quote} Even if the Fibo. is extended from top, 0.9300 (23.6%) still happens to be immediate resistance level. And yes, 0.9340 (100-day SMA) was an important support and it is very common to see prices retesting important support/resistance levels that was just broken. So we could possibly retest 0.9340-50 area. {image}

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Quoting Citiboy

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AUD has been ridiculously resilient in the face of deteriorating data, and this is irrespective of the terrible china loans numbers today. Still trying to establish shorts, trying again here at 0.9282 with a sl at 9302

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Quoting TheMadMonk

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{quote} That's beautiful man. Poetic, graceful, profound. Here... have a haiku

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Quoting Pharm0r

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{image}

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