AUDNZD - ABC Correction In Play
Hello traders,
Australia has just moved Melbourne back into stage 3 lockdown for an additional 6 weeks.
The AUD has performed extremely well over the past month due to the market pricing in an economic recovery.
If other governments feel pressured to copy Victoria we could be set for a second lockdown in numerous parts of the world.
This suggests the AUD may come under pressure in the near future.
We are now looking to go short on the AUDNZD. From a technical perspective there is a head and shoulders set up in play and an ABC correction from the 5 wave structure higher.
Any thoughts or comments please let us know.
Australia has just moved Melbourne back into stage 3 lockdown for an additional 6 weeks.
The AUD has performed extremely well over the past month due to the market pricing in an economic recovery.
If other governments feel pressured to copy Victoria we could be set for a second lockdown in numerous parts of the world.
This suggests the AUD may come under pressure in the near future.
We are now looking to go short on the AUDNZD. From a technical perspective there is a head and shoulders set up in play and an ABC correction from the 5 wave structure higher.
Any thoughts or comments please let us know.