AUDUSD – On the daily Time frame, the Aussie dollar pair is sitting nicely on the 50% Fibonacci level. It had already bounced of from the 93.0 level 2 days ago and managed to rebound to as high as 93.8. yesterday, we saw the pair come down again to test the 93.0 level.
Where is it going to from here?
It is hard to tell exactly as there is no clear evidence to side either the bears or the bulls here.
There is still a chance for the bulls to push this pair back up, at least to test the 15EMA at around the 94.0 level and above.
However, we cannot discount a continued move down to 92.0 level where the next support could come in.
In this kind of situation, I would stay out and not take any trades if I have not entered any at this point. It would be wiser to stay on the sidelines.
To your Trading victory!