Leonardo of Pisa, known as Fibonacci was an Italian mathematician, considered to be “the most talented Western mathematician of the Middle Ages”.
The significance of Fibonacci retracements cannot be over stated in trading and they are a MUST addition to any chart, in fact they are the always first two additions to any fresh chart I analyze along with the 200 sma. I believe there is no justifiable reason in trading without these key indicators on your charts.
Note: the red value is the 200 sma on W1 and the blue value is the 200 sma on D1.
BULLISH whilst we remain above 1.2346. Headed for D1 200 sma. Currently 1.2509.
200 sma on D1 is now supporting a possible move to 148.62 23.6 Fibonacci. Currently 141.06.
Headed towards a retest of the 200 sma and then the 200 sma on D1 above. Price has retreated from 23.6 already so its likely we’ll see a move south before a move north. Currently 1.6446.
Test of 200s am looks inevitable. Currently .8427
This GBP/AUD chart has the Fibonacci showing across the high low range. On the chart below a wider chart also has the Fibonacci placed. Amazingly the 100% level on chart one coincides
exactly with the 50% retracement on chart two confirming the strength of the Fibonacci. Note also below the 76.4 Fibonacci level that has been pierced and has immediately been rejected.
Price is currently making another attempt to move past the Fibonacci level shown at 1.6274. A break above here and we can expect GBP/AUD to head higher. Price now 1.6263.
Hard work for GBP/NZD but price is relentlessly edging higher. The situation will have to be looked at when price meets the 200. The Fibonacci is a long way off. Price now 1.7354