The Australian Dollar comes under more pressure next week, with fears of recession, bushfires and Coronvirus virus putting pressure on its recovery back up.
This nose dive is purely based off negative news/events, technicals are out the window.
The goal here is to wait, I see a very profitable move either way.
1) If News continues to provide negative, expect this hard floor area to give way to a 2009 Low price.
2) However, if things are reported to be getting better, expect a bounce move.
This is a concrete support level here, If it doesn’t hold, expect a big sell off waterfall, followed by a massive push back up.
Entry points Gotta Trade this pair with caution and completely influenced by news. Sell Entry points place 25 pips below the strong support, and alternatively an entry long position set above yesterday’s open point candle. Stops Risky so stop losses will be around 40 pips. Using that concrete support as the Stop loss areas for both ways. Take Profit areas Long 0.70 Short 0.60
Leaning towards the sell, but I’ll let the markets choose which position to grab for me.
Keep going down until china corona virus issue resolved. No trade by tech analysis!! China economic is dead now!! No travel and no open business, all foreign investor are leaving china!!!
Grizz01
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@thdehddns, Yes exactly, it doesn’t look like things are getting better, Prime ministry of Australia basically just locked down Australia from China, restricting tourists and cargo ships from entering its ports. It’s looking more and more like this concrete floor will give way and price will head towards the 2009 lows. Check the link below.
apple.news/AUqdQTHqeQ9uhVVLFa1KUew