The Australian dollar fulfilled the target at the Fibonacci level of 238.2% on the last day of last week, breaking the support of the embedded price channel line. Now, the price is open at 0.6535/53 as a range of Fibonacci levels of 271.0-261.8%. Furthermore, it is likely to fall to the level of 314.0% at the price of 0.6457, where the lower embedded line of the price channel also passes.
On the four-hour chart, when the new week opens, the gap is not yet closed, fluctuations are possible around the level of 0.6624, that is, we are waiting for the main movement on Tuesday, when the US data on real estate prices and consumer confidence indicators will be published. The S&P/Case-Shiller home price forecast in the 20 largest cities in the US is 2.7% y/y compared to 2.6% y/y, the Conference Board consumer confidence index is expected to rise from 131.6 to 132, 6 points.
The material has been provided by InstaForex Company – www.instaforex.com