AUDUSD Trade Idea (24th February 2020)
Currency Pair: AUDUSD
Timeframe: H1
Date/Time of Signal: 24th February 2020 / 1400hrs (SGT)
Review:
As China, Australia’s largest trading partner, struggles to contain the coronavirus and the rapid spread of the coronavirus beyond China drove fears of a pandemic. This have drove investors to safe haven currency such as US dollar and weaken the Australian dollar as Australia is a major exporter of commodities.
AUDUSD has been on a downtrend and has broken through the Support level of 0.6670.
Following the trend, trade signaled to Sell AUDUSD (Entry: 0.6598) with 3 Take Profit (TP) Targets (TP1: 0.6578, TP2: 0.6558, TP3: 0.6538) and Stop Loss (SL) at 0.6628.
Timeframe: H1
Date/Time of Signal: 24th February 2020 / 1400hrs (SGT)
Review:
As China, Australia’s largest trading partner, struggles to contain the coronavirus and the rapid spread of the coronavirus beyond China drove fears of a pandemic. This have drove investors to safe haven currency such as US dollar and weaken the Australian dollar as Australia is a major exporter of commodities.
AUDUSD has been on a downtrend and has broken through the Support level of 0.6670.
Following the trend, trade signaled to Sell AUDUSD (Entry: 0.6598) with 3 Take Profit (TP) Targets (TP1: 0.6578, TP2: 0.6558, TP3: 0.6538) and Stop Loss (SL) at 0.6628.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.