AUDUSD DAILY CHART - LONG & SHORT SCENARIO
AUDUSD has pulled back to the daily trend line, bulls are in control until this trend line breaks. Will the Uptrend continue or will we see a break??
Support at the daily trend line is a key decision area for the pair going forward.
The uptrend has been driven by positive corona virus news from Australia, Australian economy is not as bad as US and Europe,. US dollar weakness, since the USD safe have trade unwound is part of the driver as well as stocks. The pull back on the AUDUSD has correlated with the big move lower seen in US equities on last Wednesday night, after the FED meeting, and news of an increase in virus cases starting to kick up. Trump has said that there won't be another shut down if there is a second wave, this may mean we are just seeing a correction..... Risk currencies AUD, NZD,CAD are currently following US stocks higher.
To see a break of the trendline, there needs to be a driver to bring that momentum in. We already have the driver for the uptrend, it's a case of whether that narrative continues or not. Be sure to monitor news over the weekend to give an indication if talk of a second wave is going to kick up and bring panic into the market. AUD has so far ignored any news regarding China, this is an area to watch - if story gets traction, it could be a catalyst to send AUD lower.
Wait for the market to show where it will go.
Support at the daily trend line is a key decision area for the pair going forward.
The uptrend has been driven by positive corona virus news from Australia, Australian economy is not as bad as US and Europe,. US dollar weakness, since the USD safe have trade unwound is part of the driver as well as stocks. The pull back on the AUDUSD has correlated with the big move lower seen in US equities on last Wednesday night, after the FED meeting, and news of an increase in virus cases starting to kick up. Trump has said that there won't be another shut down if there is a second wave, this may mean we are just seeing a correction..... Risk currencies AUD, NZD,CAD are currently following US stocks higher.
To see a break of the trendline, there needs to be a driver to bring that momentum in. We already have the driver for the uptrend, it's a case of whether that narrative continues or not. Be sure to monitor news over the weekend to give an indication if talk of a second wave is going to kick up and bring panic into the market. AUD has so far ignored any news regarding China, this is an area to watch - if story gets traction, it could be a catalyst to send AUD lower.
Wait for the market to show where it will go.
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