AUD/USD inside a supply area
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AUD/USD is looking for a solid consolidation above the 50 SMA at H1 chart and it’s already trapped in a sideways range inside a supply zone between the 0.7998 and 0.8028 levels, which corresponds to a duplication of a cycle started in August 24th, according to our Fibonacci outlook. However, around that zone we can expect a decline to take place, as the 100% Fibonacci expansion level has proven to be strong and such decline could happen towards 0.7949 level, at which lies the 200 SMA and 61.8% Fibo zone.
RSI indicator remains hovering around the 50 level, calling for more sideways’ moves.
