AUDUSD has recently broken out of this wedge pattern formed on the 1hr chart. Our 50 EMA has also recently closed over our 200 EMA indicating bulls are taking over. Recent COT Data is also showing strong bullish signs with the Aussie Dollar while it is showing the opposite for the USD index. Looking at the 15m chart I am waiting for a re-test in the highlighted zone. A rejection candle somewhere in this area will indicate my buying position.
Fundaments are definitely in our favour. The USD is weakening with Covid-19 cases rising, unemployment rate expected to rise, lowest business activity recorded in years due to outbreak and extreme funding needed to bring the economy back to a stable condition and finally 7-8 million jobs expected to be lost in Spring.
AUSSIE DOLLAR IN OUR FAVOUR
Fundaments are definitely in our favour. The USD is weakening with Covid-19 cases rising, unemployment rate expected to rise, lowest business activity recorded in years due to outbreak and extreme funding needed to bring the economy back to a stable condition and finally 7-8 million jobs expected to be lost in Spring.
AUSSIE DOLLAR IN OUR FAVOUR