- AUD/USD is meeting a 23.6% Fibonacci in a correction of 4-hour supply.
- There is the possibility that the price stalls considering the prospects of deeper mitigation to 0.6890.
AUD/USD is trading on the bid to 0.6950 as the bulls move in to correct some of the supply that has been flowing throughout the month of June. The following illustrates this on a 4-hour time frame and the prospects of a 50% mean reversion towards 0.6980 if not higher to 0.7010.
AUD/USD H4 chart
The price has moved in on the 23.6% Fibonacci already in a firm bid from which a continuation would be expected over the next 4-hour candle. However, there is the possibility that the price stalls considering the prospects of deeper mitigation of the price imbalance between here and 0.6890.