AUD/USD Forecast April 27, 2017, Technical Analysis

AUD/USD daily chart, April 27, 2017

The Australian dollar fell significantly during the session on Wednesday, breaking down to the 50% Fibonacci retracement level. It is in this area that one would expect some type of support to appear, but as I record this video, that does not seem to be the case. A breakdown below the 0.7450 level should continue the move lower and I believe at this point, anytime we rally there will be sellers coming back to the market. It’s likely that we will go looking for the 61.8% Fibonacci retracement level, somewhere near the 0.7375 level underneath.

Written by FX Empire