KQMarkets

AUDUSD - Short Below Key Resistance

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
We had a short view on AUDUSD up until recently when the currency pair crashed and dropped towards 0.55. However, AUDUSD has since rebounded and we this as an opportunity to take a short view due to the worsening coronavirus situation and it's impact on the global economy. This is despite the RBA indicating in minutes earlier today that there be no additional rate cuts therefore we have a short view but would not want the currency pair to consolidate above key resistance above 0.622 at this stage.