Australia’s strong economic ties with China too and we all know this virus named "Coronavirus" is actually not only affecting the people of china but whole financial markets around the world. Equities have fallen, bond rises and all the safe haven got a pump upward couple of days earlier. Risk currency like Aussie had trouble and safe heaven like yellow metal, the yen had the most benefit. It's been a while now we are seeing how far this minor pair has reached. Nothing is permanent and we are facing a temporary natural disaster which may somehow end soon or later (doctor gotta work fast for the antidotes jk :D). I assume if risk appetite gets better there are some possibilities that this exhausted bull will switch its direction lower. I know it's not a one hundred percent idea but at this point either the market of this minor pair is consolidating, range or a reversal is imminent but a strong bullish upward momentum isn't what I feel at this point (my own opinion). Technically we can see the price has hit the R3 of the weekly pivot and by seeing Fibonacci retracement it looks lucrative by seeing the good possible reward on the downside for this pair. This pair did pump higher more early morning just to know the National Australia Bank (NAB) Business Confidence Index rates were dropped which let us know that the business sector wasn't too confident at the time. Aussie will have its inflation reports out tomorrow which if actual is better then forecast and previous could help our trade bais further and as we all know global risk sentiment getting positive with the rise of risk appetite is what we should take into consideration too. (Idea not guaranteed financial advice.) Comment your idea and plan too if any. Peace out!
