Fundamental Analysis
As a result of excessive monetary expansion after Covid-19, all developing country currencies started to gain value against reserve currencies. In short, covid-19 created a breaking point in the markets. For now, this situation seems to continue.
Technical analysis
Monthly Term
Looking at the AUD/USD chart on a monthly basis, we see a 5-wave drop according to elliot technical analysis .
After 5 waves of decline, the price continued to rise to the point where the 4th wave started.
Based on this, we can say that the downward movement is over.
Wave A correction wave is a impulse wave and the price went up as much as 5 waves. The B fall was much slower than the A rise. This drop probably ended at the 0.50 fibonacci level.These situations are proof that we are in a long term bullish trend.
I wait for the price to reach 0.80400 levels first. This is an important resistance.
As the target point, point C is a very important resistance.
As a result of excessive monetary expansion after Covid-19, all developing country currencies started to gain value against reserve currencies. In short, covid-19 created a breaking point in the markets. For now, this situation seems to continue.
Technical analysis
Monthly Term
Looking at the AUD/USD chart on a monthly basis, we see a 5-wave drop according to elliot technical analysis .
After 5 waves of decline, the price continued to rise to the point where the 4th wave started.
Based on this, we can say that the downward movement is over.
Wave A correction wave is a impulse wave and the price went up as much as 5 waves. The B fall was much slower than the A rise. This drop probably ended at the 0.50 fibonacci level.These situations are proof that we are in a long term bullish trend.
I wait for the price to reach 0.80400 levels first. This is an important resistance.
As the target point, point C is a very important resistance.
