AUDUSD is stuck in a range since March 2016,where the price level between 0.7800-0.7700 is behaving as a resistance level and price level between 0.7200-0.7100 is behaving as a support level.
The red Trendline represents another resistance level which is going lower and lower (it's creating lower highs).
The Fibonacci Retracement levels as shown are working quite good as SUP/RES levels.
Fib. retracement level 0.382 or AUDUSD price level 0.74497(0.745) is working as a strong support level,which has been tested for about 5 to 6 times.
Fib. level 0.50 or AUDUSD price level 0.733 has been tested as a support level for about 4 times.
Fib. level 0.618 or AUDUSD price level 0.72109 has been tested two times as a support level.
Numbers from 1 to 5 show a potential wolf wave (A kind of Elliot Waves) and the price has been retraced from the resistance trendline.A possible breakout of that trendline makes the Wolf Wave as valid and price should start to move back down for a retest of that broken trendline.
My prediction for this pair is that the price might move to the possible checkpoints (Support Levels) which are:
- Fib.level 0.382 (0.74500)
- Fib. level 0.50 (0.73300)
- Fib. level 0.618 (0.7210)
I hope I made my point on showing what I see on this current pair and hope that you guys feel free to share your opinions.
p.s It's my first STEEMIT post!