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Forex Analysis Aussie Dollar AUDUSD
Time Frame : Hourly Chart
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Currency Pair AUDUSD
The Aussie Dollar was recently smashed below GFC lows as the global market went into meltdown and the USD spiked higher. Price continues to look heavy as the USD holds onto the highs thanks to Central Bank demand. As the dollar falls due to stimulus finally taking hold, we expect to see the AUDUSD pair edge higher. There will still be headwinds as the extent to the hit to the global economy becomes apparent, but as long as there are no near term shocks to stock markets, the Aussie should hold up. If not, then there is an opportunity for shorts as the buyers off the lows are squeezed out and price heads down to test the 0.5500 zone….we will see how the action plays out but patiently waiting for the setup for now.
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Currency Pair : AUDUSD
Current Price : 0.5980
Status : On watch for a break up through 0.6000 or a lower high and retest of the lows
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