AUD/USD - Back to pre-Covid Uptrend or Pullback?
After this eventful week I can see two scenarios unfolding:
(1) In normal market conditions I would expect a pullback to former support, followed by a move up to resistance.
(2) Given the incredibly quick rally we just experienced, it doesn't seem far-fetched to think that there is a relentless force driving the AUD back to pre-covid levels. This would bring the pair back to pre-covid uptrend channel where it could potentially take a breather.
Let us know what you think!
(1) In normal market conditions I would expect a pullback to former support, followed by a move up to resistance.
(2) Given the incredibly quick rally we just experienced, it doesn't seem far-fetched to think that there is a relentless force driving the AUD back to pre-covid levels. This would bring the pair back to pre-covid uptrend channel where it could potentially take a breather.
Let us know what you think!