AUDUSD technicals and fundamentals line up for a buy

10 cze 2020

Fundamentally, the USD received a lot of bad news throughout the day greatly affecting price especially in the later half of the trading day. The news led the pair to a high not seen this year. Bulls are looking to maintain strong control. A little fibanocci shows that we can expect price to drop between 0.69850-0.69350 before continuing on the bullish overall trend. The Stochastic oscillator just recently crossed at 80 heading downwards. Depending on trading strategy, one could prepare to sell to the expected fibanocci zone and to the closest medium/strong support. After a brief drop, I'm counting on the pair to continue to higher highs.