FX.co ★ Forecast for AUD/USD on January 29, 2020

AUD/USD

Yesterday, the Australian dollar worked exactly the first target of 0.6737, adopted at the Fibonacci reaction level of 161.8% on the daily chart. A sharp enough rebound occurred from the level, which visually indicates the price's intention to continue the correction, the immediate goal of which is 0.6807 - the Fibonacci level of 123.6%.

Consolidating the price under yesterday's low opens the target at the Fibonacci level of 223.6% at the point of intersection with the embedded line of the price channel (magnetic point) - 0.6624. The Fibonacci level of 200.0% looks weak in this case, as the price tends to a stronger point of attraction. If we assume that the price will continue to decline without preliminary correction, then the movement to the 0.6624 target will follow a gentle path, which is uncharacteristic for the trend. After completion of the expected short-term correction, the decrease to the magnetic point will occur at a traditional speed.