Bearish signals overstretched for AUDUSD
AUDUSD found support below 0.7800 during Thursday, although rallies were limited with initial selling pressure from a firm US dollar and a fresh round of losses in New York trading as equities retreated again.
- Pair trades at the lowest level in 31 days.
- The selloff has posted a correction count on the daily chart.
- Current price action faces support at the 423.6% Fibonacci retracement level of the 0.8137-0.8043 move.
- Bespoke support is located at 0.7745.
- Preferred trade is to buy on dips.
Entry: we look to buy at 0.7745.
Targets: 0.7850 and 0.7915.