AUDUSD Trade Idea (24th February 2020)
Currency Pair: AUDUSD
Timeframe: H1
Date/Time of Signal: 24th February 2020 / 1400hrs (SGT)
Review:
As China, Australia’s largest trading partner, struggles to contain the coronavirus and the rapid spread of the coronavirus beyond China drove fears of a pandemic. This have drove investors to safe haven currency such as US dollar and weaken the Australian dollar as Australia is a major exporter of commodities.
AUDUSD has been on a downtrend and has broken through the Support level of 0.6670.
Following the trend, trade signaled to Sell AUDUSD (Entry: 0.6598) with 3 Take Profit (TP) Targets (TP1: 0.6578, TP2: 0.6558, TP3: 0.6538) and Stop Loss (SL) at 0.6628.
Timeframe: H1
Date/Time of Signal: 24th February 2020 / 1400hrs (SGT)
Review:
As China, Australia’s largest trading partner, struggles to contain the coronavirus and the rapid spread of the coronavirus beyond China drove fears of a pandemic. This have drove investors to safe haven currency such as US dollar and weaken the Australian dollar as Australia is a major exporter of commodities.
AUDUSD has been on a downtrend and has broken through the Support level of 0.6670.
Following the trend, trade signaled to Sell AUDUSD (Entry: 0.6598) with 3 Take Profit (TP) Targets (TP1: 0.6578, TP2: 0.6558, TP3: 0.6538) and Stop Loss (SL) at 0.6628.