AUDUSD has finished the week trading at 0.64160. This pair has recently bounced back from the recent low 0.55000 to 0.65600. It was a massive sell-off for the coronavirus COVID-19 pandemic. Trump has recently announced that tariff is another option to think about to take action against China for spreading the virus. This news might be weakening the Australian dollar against the US dollar.
AUDUSD we have found a nice set-up on the daily and weekly timeframe. We have seen AUDUSD has rejected from the resistance 0.65700 and closed the day at 0.64160 level. The next support is seen at 0.62700 and 0.60000 respectively. If both support breaks we might see AUDUSD is trading below 0.60000 for the upcoming days.
Also if we look at the weekly timeframe a nice bearish pin bar is building which is suggesting more weakness on AUDUSD. It’s a good opportunity to sell the pair setting the stop loss at 0.65700 to target 0.62800 as TP1 and 0.60000 as TP2.
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This trading analysis is only for getting an idea about the current market situation. This is not a signal. These can be used for education purposes only.