AUDUSD – 261.8% extension level

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Monthly: We have broken the large Expanding Wedge formation to the downside. The whole move higher from the 2016 low (0.6827) has been and volatile, common in corrective formations. Reverse trend line resistance is located at 0.7234

Weekly: Broke the wedge formation to the downside. The wedge formation has a measured move target of 0.6827.

Daily: We have a 261.8% extension level at 0.7020 (from 0.7315-0.7202). The daily chart highlights bullish divergence (chart makes a lower low while the RSI makes a higher low). Often an indication of exhaustion. Buying into dips offer ample risk/reward

 

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