AUDUSD has been trending down strongly for multiple days now, breaking and retesting a few key levels on its way down.
With the lockdowns in New Zealand and Australia increasing I believe we could see this push to the next support level, which is seen in the top right chart, the daily chart.
Today New Zealand PM Ardern extended the lockdown to midnight Aug 27th, which could cause more bearish pressure in the south pacific. - We also know that whenever we have negative COVID news the USD gains. - But we're looking at the charts for guidance here and just using fundamentals as an overall support for our trade direction.
The 4H chart has rejected Fridays POC (Point of Control) volume level and on the 1H we are forming a lower high.
With the lockdowns in New Zealand and Australia increasing I believe we could see this push to the next support level, which is seen in the top right chart, the daily chart.
Today New Zealand PM Ardern extended the lockdown to midnight Aug 27th, which could cause more bearish pressure in the south pacific. - We also know that whenever we have negative COVID news the USD gains. - But we're looking at the charts for guidance here and just using fundamentals as an overall support for our trade direction.
The 4H chart has rejected Fridays POC (Point of Control) volume level and on the 1H we are forming a lower high.
