The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
AUD/USD is under strong resistance
Information is not investment advice
AUD/USD tried to recover this week, but its advance was stopped by the 100-day MA at 0.6830. Then it slid below the 50-day MA in the 0.6810 area and on Thursday the line acted as a resistance. The closing price of yesterday’s candlestick was significantly lower than that of the previous three days forming what seems like a “bearish flag”. On the H4, the MAs are in the negative order. All of this allows expecting that the pair will retest 0.6770 (61.8% Fibo of the October advance, November 14 low). A decline below this level will open the way down to 0.6750 and maybe even 0.6725 (78.6% Fibo). Bull will regain power only if AUD/USD recovers above 0.6830.
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