FX.co ★ Technical analysis of AUD/USD for January 27, 2022

The AUD/USD pair will is moving downwards from the level of 0.7155 (this level - 0.7155 - coincides with the 50% of Fibonacci retracement levels on H4 chart).

Accordingly, the Aussie is going to show signs of weakness at the last bullish wave around the spot of 0.7155.

Thus, it will be a good deal to sell below the level of 50% of Fibonacci retracement levels on H4 chart with the first target at 0.6994 and further at 0.6958.

Equally important, 0.6958 will be acting as a strong support so it is going to be a good place to take profit.

On the other hand, in case a reflection takes place and the AUD/USD pair is not able to break through the support at the 0.694level, the market will further rise to 0.7192 in order to indicate a bullish.

It also should be noted that this level of taking profit will coincide with around 61.8% of Fibonacci Fibonacci retracement levels.