By the end of the month AUD will be at it lowest level, around 0.59. In par with
GFC's lowest level back in October 2008.
We'll also see the formation of a double bottom evolve. A positive indication.... hopefully it will hold.
The corona virus global frenzy will eventually slow down. And as it recedes, we'll begin to see the full extent of economic carnage rise to the surface with what I beleive will be, negative, pessimistic economic news data release eg. retail sales, unemployment, consumer/business confidence &
a further drop in official interest rates (not that lowering interest rates is having any significant impact anymore)
For now....
We have AUD price bar approaching-
1. Pitchfork 50% level, with pivot points pre GFC event.
2. Fib expansion 61.8% level
3. Historical support (GFC) levels
4. & MACD divergence in formation.
Short the AUD to around 0.59 - look towards the smaller time frames for exact exit / support level.
We should see a reversal end of month.
GFC's lowest level back in October 2008.
We'll also see the formation of a double bottom evolve. A positive indication.... hopefully it will hold.
The corona virus global frenzy will eventually slow down. And as it recedes, we'll begin to see the full extent of economic carnage rise to the surface with what I beleive will be, negative, pessimistic economic news data release eg. retail sales, unemployment, consumer/business confidence &
a further drop in official interest rates (not that lowering interest rates is having any significant impact anymore)
For now....
We have AUD price bar approaching-
1. Pitchfork 50% level, with pivot points pre GFC event.
2. Fib expansion 61.8% level
3. Historical support (GFC) levels
4. & MACD divergence in formation.
Short the AUD to around 0.59 - look towards the smaller time frames for exact exit / support level.
We should see a reversal end of month.