This pair has been in a strong downtrend for since 31 December 2019. The price is creating the structure of a downtrend with Hl and LL. As you know the corona virus has causing so much noise on the markets but as traders we need to be patient and hunt when we see the opportunity. The virus spread so crazy in China and they keep it secret from others people but this affected them alot since they have big partners on australia and on Newzeland. What happens on china good or bad it will affect this pair alot. So whats the results? Bad for aud since they stopped the exports with those countries.When the market opened the price spike like 200 pips creating a big fakeout and thats our chance to reenter with a good confirmation like a h4 closure or daily candle.
What can I observe for now is that the price was starting heavily to switch the trend but it failed by creating a double top and than reverse once more.Can we see this pair making a double bottom for a big bull run or we will wait until it break the bigger downtrend.
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