All comments and likes are very appreciated.
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AUDUSD has been trading in a downtrend for quite some time. At this time we track 3/5 waves down with a possibly finished correctional wave 4 in ABC pattern.
AUDUSD bounced back from a resistance level and 0.78% FIB level and currently retesting a broken uptrend line.
The Australian Dollar remains primarily driven by broader investor sentiment, rising when investors are bullish and global trade is increasing, while it tends to fall when investors are running scared and the global economic outlook deteriorates.
RBA failed on his February promise to keep currency in 0.66 - 0.67 level. RBA stepping in with more aggressive Quantitative Easing is all but material: markets know it, and this makes the prospect of buying the dips in AUD not very appealing.
AUD also supported by rising gold prices, however, we expect at least some correction in XAUUSD and Equity market in the near future. Thus Fundamentals and TA support each other in this case.
I and/or others I advise hold a material position in the securitie.
_________________________________________________________________________________________________________________
All comments and likes are very appreciated.
Best Regards,
I0_USD_of_Warren_Buffet
_________________________________________________________________________________________________________________
AUDUSD has been trading in a downtrend for quite some time. At this time we track 3/5 waves down with a possibly finished correctional wave 4 in ABC pattern.
AUDUSD bounced back from a resistance level and 0.78% FIB level and currently retesting a broken uptrend line.
The Australian Dollar remains primarily driven by broader investor sentiment, rising when investors are bullish and global trade is increasing, while it tends to fall when investors are running scared and the global economic outlook deteriorates.
RBA failed on his February promise to keep currency in 0.66 - 0.67 level. RBA stepping in with more aggressive Quantitative Easing is all but material: markets know it, and this makes the prospect of buying the dips in AUD not very appealing.
AUD also supported by rising gold prices, however, we expect at least some correction in XAUUSD and Equity market in the near future. Thus Fundamentals and TA support each other in this case.
I and/or others I advise hold a material position in the securitie.
_________________________________________________________________________________________________________________
All comments and likes are very appreciated.
Best Regards,
I0_USD_of_Warren_Buffet