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Red lines -Fibonacci extension targets
AUDUSD finished last week at 0.6950 having made a higher low around 0.6880 relative to the 0.6853 low from June 14th. Price has finished the trading week with an upward slope giving hopes for a continuation of the upward move starting this Monday. As long as price holds above last week's low at 0.6880, we are optimistic that AUDUSD could reach at least 0.70 but the more likely target would be at 0.7090 area. Currently at 0.6950, a break above 0.70 would be a bullish sign and will increase chances of seeing 0.7090. Failure to hold above 0.6880, would be a bearish sign and this would increase chances of a break below 0.68.
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