AUD/USD reaches trend line resistance; Potential Sell?
US dollar weakness and a better market sentiment driven by stimulus hopes
lifted risky assets like AUD at the end of last week's trading session.
However, with rising Coronavirus cases in Europe the economic recovery
may not happen as quickly as expected. The market sentiment may turn
negative very soon and that will put pressure on AUD.
Technically, AUD/USD has reached a descending trendline. However, it does
not mean we should sell it immediately.
The best approach would be to wait for bearish Price action at this level
before selling.
lifted risky assets like AUD at the end of last week's trading session.
However, with rising Coronavirus cases in Europe the economic recovery
may not happen as quickly as expected. The market sentiment may turn
negative very soon and that will put pressure on AUD.
Technically, AUD/USD has reached a descending trendline. However, it does
not mean we should sell it immediately.
The best approach would be to wait for bearish Price action at this level
before selling.
