Technically the chart right now is at the neckline. If the price rejects this neckline, AUD may fall to the minor trendline, maybe deeper to 0.702.
Sydney, Australia, on Saturday night, began a two-week lockdown amid a surge in cases of the COVID-19 Delta variant.
- Sydney lockdown
- US CB Consumer
- ADP Non-Farm Employment Change
- ISM Manufacturing...
Its been quite a challenging time for Sydney for quite some time and good days isn't near anytime soon.
Going by the chart, looks like SYD will dip more to around 5.35 level before bouncing up again.
Also all EMA's are above the price line which is a bearish sign.
Would be interested to see how long will SYD take to Take off.
If you like my analysis then do...
My trading Bias for SYD is Bullish as it has clearly bounced off the lows (Support), with a break and close above the Bearish Trendline coupled with very High Volume . MACD has given a Bullish Cross and RSI has come out of the Oversold region.
TP1 ~ $6.60 (Potential Gain 11%)
TP1 ~ $7.00 (Potential Gain 17%)
Stoploss - $5.40
Please note these are my own notes,...