Technical Forecast AUDUSD 04/10/2020
The AUDUSD pair remains in a short-term uptrend in the wake of improving sentiment in global markets, which are hoping that the peak of the pandemic of the corona virus is just around the corner. The AUDUSD pair is also supported by the recovery of economic activity in China after the pandemic, increased demand for commodity and commodity assets, the obvious weakness of the US dollar against the backdrop of unprecedented stimulus measures from the Fed, as well as the RBA’s latest decision not to change interest rates.
AUDUSD technical picture:
The AUDUSD price is above the middle line of the Bollinger indicator, above SMA 5 and SMA 14. The RSI is in the overbought zone. Stoch are also moving in this area.
Trading recommendations, AUDUSD trading plan:
The AUDUSD pair may be adjusted down to 0.6280. We consider it possible to buy it from this mark if it does not hold above the level of 0.6340 with a local target level of 0.6500.
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Grand Capital Analytics
Analytical reviews and comments on them reflect the subjective opinion of the authors and are not a recommendation for trading. Forex Special is not responsible for possible losses in case of using review materials.
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