AUD/USD price outlook: Is 0.70 on the cards now?
Looking at the AUD/USD daily chart, it appears bulls have
run out of steam. AUD/USD's rally was fueled by the equity
market bulls. Massive USD injection in the market by the Feds
also led to a decrease in USD demand.
However, equity markets have started dropping once again and
that is clearly reflecting in AUD/USD's price action.
A strong break below the lower TL would lead to a sell-off in
AUD/USD very soon. Selling the rallies is my preferred approach
to trade AUD/USD
run out of steam. AUD/USD's rally was fueled by the equity
market bulls. Massive USD injection in the market by the Feds
also led to a decrease in USD demand.
However, equity markets have started dropping once again and
that is clearly reflecting in AUD/USD's price action.
A strong break below the lower TL would lead to a sell-off in
AUD/USD very soon. Selling the rallies is my preferred approach
to trade AUD/USD
