audusd – 1.0159 target hit. Consolidation in progress.
Looks like a pretty good hit of our 1.0159 objective, as the market appears now to have entered a period of consolidation below this level. Action off the high appears corrective and we now look for test of the band of consolidation between 1.0070 and 1.0026, with some possibility for an extension down to the .9982 area. The probability of that occurring will depend on how this pattern unfolds.
Category: AUDUSD, Technicals Comment »