AUD/JPY: Risk off remains and gains momentum
U.S. stocks are set to open lower later, on a combination of the pandemic news and the downbeat news from Tech’s Old Guard late on Thursday.
AUD/USD: a turning point
Information is not investment advice
Long-term
The AUD/USD is trading below the tactical resistance of 0.7000. This level is not only a psychological level but also is the highest point since the very beginning of the year. Since March, the AUD/USD has been showing a strong bullish behavior due to the recovery in Australia underway and the current loss of safe-haven appetite among investors dropping the USD. The latest episode was more aggressive in the upward direction than anything we saw recently. So is the resistance of 0.7000 going to be broken?
Short-term
From a closer perspective, a bearish reversal is technically possible as bulls have definitely lost their momentum. If the support of 0.6960 is crossed downwards, and the price comes to 0.6870, then we are likely to see a further decline down to the very bottom of the general upward trend. Otherwise, breaking 0.7000 would mean some serious confidence of investors about the outlook in general and the AUD in particular.
Similar
USD strength on risk off mood
Asian equity markets traded cautiously after the mixed lead from Wall St where most indices stalled at record levels
Gold: trade the lower drift
How do we trade the gold price? It seems to be losing the upside momentum - no problem for bears!
Popular
AUD/JPY: Risk off remains and gains momentum
U.S. stocks are set to open lower later, on a combination of the pandemic news and the downbeat news from Tech’s Old Guard late on Thursday.
Oil dropped on weak demand
Oil fell below $52.00 because investors expect a weaker oil demand amid rising Covid-19 infections and new lockdowns.
USD strength on risk off mood
Asian equity markets traded cautiously after the mixed lead from Wall St where most indices stalled at record levels
Choose your payment system
