Home Forex Forex Market Analysis AUDUSD – May 8th, 2018

AUDUSD – May 8th, 2018

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AUDUSD

There should be a bounce form the 0.744 level, it’s in a harmonic pivot and oversold condition coming off of the extremely important 0.75 mid harmonic. We should expect a retest of the 0.75 zone before continuing lower. From the latest low of 0.74338 to the most recent swing high of 0.7506, the 50% Fibonacci retracement level is sitting right on the last out arc and the 0.75 major harmonic price level. We should expect some fast price reversals here that may exceed the 0.75 zone, but ultimately we should expect lower prices moving forward into next week.

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