AUDUSD: Neutral... Technical and fundamental analysis.

7 thg 6, 2020

At the current moment I am neutral but, I'm expecting AUDUSD to start on a bearish trend after a little more consolidation at the current area. Right now, we see a lot of consolidation around the 0.70000 area. This has been a pretty strong area in recent years when tested so an immediate break through isn't expected. As far as indicators go, the CCI and Stochastic (4hr chart) show that it's in an "overbought" zone and should be ready to start some correction waves. As far as price action goes, on the four hour chart, we can see a lot of strong wicks with red candles bodies indicating a strong rejection at the current level. Fundamentally, Australia is known to move in correlation with commodities. Gold has been on a nice down trend lately and that could be indicative of the start of a bearish trend for AUDUSD, especially bouncing from the 0.70000 region. I would expect that the pair would go down and test the 0.68500 in the upcoming days before retesting the 0.70000 zone.

8 thg 6, 2020

Ghi chú

There was a mistake on expected level price should drop to. Instead of 0.68500 I meant 0.69500