Hello friends, many of you might have considered selling AUDUSD after the drop last week. And, the idea of selling is not wrong at all.
AUDUSD has gained a whopping 17% +(more than 900 pips) after last month's drop to 0.55. This recovery is due to the relief rally in global indices.
However, the recent recovery looks unsustainable. So, when the markets start tumbling again, there's a good chance that AUD(which is considered a risk asset) will be sold off once again.
In my opinion, the best area to sell AUDUSD is between 0.6380-0.6520 which is close to the 100D EMA.
If AUDUSD reverses from that area, I expect a drop to 0.5990 at least.
AUDUSD has gained a whopping 17% +(more than 900 pips) after last month's drop to 0.55. This recovery is due to the relief rally in global indices.
However, the recent recovery looks unsustainable. So, when the markets start tumbling again, there's a good chance that AUD(which is considered a risk asset) will be sold off once again.
In my opinion, the best area to sell AUDUSD is between 0.6380-0.6520 which is close to the 100D EMA.
If AUDUSD reverses from that area, I expect a drop to 0.5990 at least.
