AUD,NZD/Technical Analysis

AUD/USD technicals: 1.0320 becoming increasingly important

We’ve now had 3 lows on the 4-hourly chart between 1.0320 and 1.0330 and there is a 61.8% retracement just above there. What is also very interesting, is that the retracement from 1.0620 to 1.0330 has followed the ABC wave pattern with both A and C also comprising of 3 waves.

The risk-reward outlook for bulls, with a stop below 1.0320, looks quite good indeed.

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