** AUD USD Chart is simply a mock up of trend lines to show growth from March 2020**
Bull run since MARCH 2020 (COVID).
The upturn of AUD after a complete nosedive when covid struck was implemented by the RB and Fed Reserve. They invoked an emergency dollar swap, where the Fed will accept AUD from the RBA in exchange for USD. The RBA would then lend out USD to Australian Firms, ensuring supply of USD and preventing a further downturn on the AUD exchange. IT IS KEY TO NOTE, this tact was last used during the heights of the global financial crisis in 2008!
We are now waiting for it to break previous high from JAN 2018 OF 0.81336 and then some!!
Im confident of seeing a higher break to the upside. However the dollar has shown power against other pairs which has me cautious, albeit mainly temporary.
Some fundamentals with AUD tonight at midnight and with the Fed GOLD reserve tomorrow regarding the 1.9 Trillion stimulus plan, we could see the dollar hit further lows.
The AUD calendar has been empty since last week other than tonights Q4 wage price index. Which could offer that buffer for it to kick on to our desired zone.
The bulls may pause and allow a regroup but they will not give up to drive the price higher. There is no indication of any bullish exhaustion. I am remaining bullish here.
>> It was the top performing pair last Friday. Trading above all moving averages.
Support and resistance zones:
Support levels: 0.7710 0.7675 0.7630
Resistance levels: 0.7770 0.7815 0.7850
I will be doing a live Q&A over on our channel in the morning around 11am UK time.
Let me know your thoughts.
JWTC
Bull run since MARCH 2020 (COVID).
The upturn of AUD after a complete nosedive when covid struck was implemented by the RB and Fed Reserve. They invoked an emergency dollar swap, where the Fed will accept AUD from the RBA in exchange for USD. The RBA would then lend out USD to Australian Firms, ensuring supply of USD and preventing a further downturn on the AUD exchange. IT IS KEY TO NOTE, this tact was last used during the heights of the global financial crisis in 2008!
We are now waiting for it to break previous high from JAN 2018 OF 0.81336 and then some!!
Im confident of seeing a higher break to the upside. However the dollar has shown power against other pairs which has me cautious, albeit mainly temporary.
Some fundamentals with AUD tonight at midnight and with the Fed GOLD reserve tomorrow regarding the 1.9 Trillion stimulus plan, we could see the dollar hit further lows.
The AUD calendar has been empty since last week other than tonights Q4 wage price index. Which could offer that buffer for it to kick on to our desired zone.
The bulls may pause and allow a regroup but they will not give up to drive the price higher. There is no indication of any bullish exhaustion. I am remaining bullish here.
>> It was the top performing pair last Friday. Trading above all moving averages.
Support and resistance zones:
Support levels: 0.7710 0.7675 0.7630
Resistance levels: 0.7770 0.7815 0.7850
I will be doing a live Q&A over on our channel in the morning around 11am UK time.
Let me know your thoughts.
JWTC