AUDUSD is set to commence on a bearish market run based on the below fundamental and technical analysis.
Fundamental Analysis:
-China's negative trade policy on Australia products coal wine among others and accusations of dumping
-Australia Covid 19 lockdown
-According to COT Commitment of traders report, Dealers have taken short positions and changed form long.
Technical Analysis Supporting:
-Price has broken daily uptrend resistance line
-Bearish Head and Shoulder Pattern Formation confirmed.
-Rising Wedge broken on lower resistance line
-Price went below moving average
Fundamental Analysis:
-China's negative trade policy on Australia products coal wine among others and accusations of dumping
-Australia Covid 19 lockdown
-According to COT Commitment of traders report, Dealers have taken short positions and changed form long.
Technical Analysis Supporting:
-Price has broken daily uptrend resistance line
-Bearish Head and Shoulder Pattern Formation confirmed.
-Rising Wedge broken on lower resistance line
-Price went below moving average
Comment:
Target on course
Trade closed: target reached