AUDUSD Chart Technical Outlook stall at the 78.6% Fibonacci
The release of the Australian data overnight has resulted in a move lower for the AUD.
Levels close to the 78.6% Fibonacci retracement of 0.6683 have found selling interest. Bespoke support is located at 0.6643. We have a demand zone from May 30 located at 0.6641 and 0.6629. The completion of a bearish Butterfly formation is seen at 0.6720.
Conclusion: the immediate bias is mildly bearish. I look to the 0.6643 – 0.6629 zone as substantial support. It should be noted that the cypher pattern would be negated on a move through the previous swing low at 0.6626.
Resistance: 0.6683 (78.6%), 0.6699 (swing high), 0.6720 (butterfly)
Support: 0.6643 (bespoke), 0.6641 (demand), 0.6626 (swing low)
