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Hyper_ioN
Jun 6, 2020 1:21 PM

AUD/USD - Back to pre-Covid Uptrend or Pullback? 

Australian Dollar/U.S. DollarFXCM

Description

After this eventful week I can see two scenarios unfolding:

(1) In normal market conditions I would expect a pullback to former support, followed by a move up to resistance.

(2) Given the incredibly quick rally we just experienced, it doesn't seem far-fetched to think that there is a relentless force driving the AUD back to pre-covid levels. This would bring the pair back to pre-covid uptrend channel where it could potentially take a breather.

Let us know what you think!
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