AUDUSD calculated fib drop. Buy time?

11 Jun 2020

As mentioned in the previous post, we were anticipating a drop to the zone it is at now. Currently we are waiting to see if we can get a close above the 71.8 fib zone. If we do, we may start gearing up for a buy. We do have some news for USD coming out at 8:30. Waiting until then to trade would be prudent, but if we get confirmations before then I will get in on a buy and close before news break. Stochastic and Keltner channels are both indicating further downward movement at the moment, which is why we are waiting for a close above the 71.8 fib zone aiming for about the 0.69530 area. At that Time I'd be buying feeling confident it'll continue up. If we fail to get that aforementioned close then I'll just wait for the news to see what happens and how that may affect things.