A sell off could be closer for the AUDUSD
Updated
The AUDUSD could fall from this point as it has failed to pass the resistance above. Should it fall, the target will be around 1.65. A further drop will be expected within the next month after a retracement. In addition to this, the the fundamentals do not look good either:
1. The covid19 cases are on the rise in the USA, while a possible second or 'mini first-wave' 1.1 is starting to show up in Australia.
2. Australia is heavily dependent on China for exports. Beijing is on a massive testing mission that has revealed undetected cases. This could be around the country as only the Hubei province and the City of Beijing have had mass testing. This could be it's second wave and if not contained early, it could be bad for Australian exports. Don't forget the taxes Beijing was to place on Australia when it asked for a probe into China's role in mismanagement of the virus.
3. Donald Trump's administration has recently revealed plans to add further taxes on Europe and Europe is considering retaliatory taxes should this move on.
1. The covid19 cases are on the rise in the USA, while a possible second or 'mini first-wave' 1.1 is starting to show up in Australia.
2. Australia is heavily dependent on China for exports. Beijing is on a massive testing mission that has revealed undetected cases. This could be around the country as only the Hubei province and the City of Beijing have had mass testing. This could be it's second wave and if not contained early, it could be bad for Australian exports. Don't forget the taxes Beijing was to place on Australia when it asked for a probe into China's role in mismanagement of the virus.
3. Donald Trump's administration has recently revealed plans to add further taxes on Europe and Europe is considering retaliatory taxes should this move on.
Note
The MACD momentum was rising but is showing signs of a dropNote
The Stochastic RSI is in the oversold region, therefore, expect the road downward choppy
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