Australian dollar found itself above the level of 0.65 during the week, but continues to see sellers in this general vicinity. At this point, it seems likely that the market could turn around a bit and certainly have a lot of resistance to contend with. The Australian dollar is too sensitive to the Mondial economy, who of course has a lot of questions about this. “data-reactid =” 12 “> The Australian dollar once again fell above 0.65 during the week, but continues to see sellers in this general vicinity. It seems likely that the market could turn around a bit and that it certainly has a lot of resistance to face.The Australian dollar is too sensitive to the world economy, which of course has a lot of questions about it.
The level of 0.65 is a major resistance barrier and we must pay attention to it. On the downside, I think we could go down to 0.6250 in the next two weeks, and maybe even further. We’ve clearly seen a massive rebound from the lowest extremes, so now the question is whether or not we can maintain momentum? I doubt that is the case, but when you get a big move like this, you see one of two things: either you see the market breaking sideways to consolidate the gains, or the market will continue as the momentum dies down.
AUD / USD Video 11.05.20
I believe we are probably seeing the market collapse from here, but you cannot trade based on what you think is going to happen, you have to react to what the market is doing. I expect the next candlestick on the weekly chart will be an important indication of where we are going. Ultimately, the market has a decision to make, and your job as a trader is simply to wait for what the market tells you to do.
article was originally published on FX Empire “data-reactid =” 17 “> This article was originally published on FX Empire