Hi traders,
The AUDUSD has been choppy this past month, however we have seen that the forecast for the head and shoulders has played out.
The uncertainty comes from the back and fourth between China and the US, and the news of the Noravirus was very bearish . If fundamental news is bad for China then it will be bad for the AUD.
Technically speaking we are overdone on the AUD, being in the oversold area for some time.
Any bullish plays should be taken on the assumption of pullbacks with targets being 68500, 68640 and 68900.
All the best,
Aardall
The AUDUSD has been choppy this past month, however we have seen that the forecast for the head and shoulders has played out.
The uncertainty comes from the back and fourth between China and the US, and the news of the Noravirus was very bearish . If fundamental news is bad for China then it will be bad for the AUD.
Technically speaking we are overdone on the AUD, being in the oversold area for some time.
Any bullish plays should be taken on the assumption of pullbacks with targets being 68500, 68640 and 68900.
All the best,
Aardall