Hi everyone,
It seems that the Australian dollar has broken significant support and keeps the focus lower in price.
I expect the AUDUSD to go lower around 0.68 for the following reasons:
1- US Dollar Index is on the Upside.
2-The weekly MACD looks bearish.
3- Bad news from the Reserve Bank of Australia.
4- No good news from China.
On the other hand, this could be a buy opportunity since there is a massive support at 0.70, however I do not think this will be the case this time.
It seems that the Australian dollar has broken significant support and keeps the focus lower in price.
I expect the AUDUSD to go lower around 0.68 for the following reasons:
1- US Dollar Index is on the Upside.
2-The weekly MACD looks bearish.
3- Bad news from the Reserve Bank of Australia.
4- No good news from China.
On the other hand, this could be a buy opportunity since there is a massive support at 0.70, however I do not think this will be the case this time.