Overview of AUDUSD and potential trend exhaustion.
I'm relatively new to trading, so take what I say worth a grain of salt. I am, however, looking for a mentor to help better understand the framework of a career in trading. To many untrustworthy people on the web to invest in advertised trade gurus.
New Downtrend forming on the 1H AUDUSD could signal exhaustion in the uptrend that lasted throughout Q2. That being said, the pair has reached lows unseen since the early 2000s. Overall the pair has appeared significantly bearish for a long time, but it would come as no surprise if the AUD begins to climb back up. Positive commentary from the RBA and Australias proactive accommodations during the pandemic are all positive. The US is a crapshoot. We have very limited access to informative media considering the Election in November. That being said, the US also seems to do quite well in these positions. With our focus towards increasing exports, negativity for the US could actually turn into positivity for the Dollar. We are in uncharted territory, but the recent break of the Q2 uptrend seems to hint towards exhaustion in the short term for the AUD.
New Downtrend forming on the 1H AUDUSD could signal exhaustion in the uptrend that lasted throughout Q2. That being said, the pair has reached lows unseen since the early 2000s. Overall the pair has appeared significantly bearish for a long time, but it would come as no surprise if the AUD begins to climb back up. Positive commentary from the RBA and Australias proactive accommodations during the pandemic are all positive. The US is a crapshoot. We have very limited access to informative media considering the Election in November. That being said, the US also seems to do quite well in these positions. With our focus towards increasing exports, negativity for the US could actually turn into positivity for the Dollar. We are in uncharted territory, but the recent break of the Q2 uptrend seems to hint towards exhaustion in the short term for the AUD.