AUDUSD - A tricky Trade. Neutral on this one
Price might be testing the 200MA if it breaks above the trend channel.
2 Ways to look at this:
(1) Given that the 200MA is sloping down, a short bias would be more predominant in this trade.
(2) However, it may rise, having a bullish breakout using the trend line support given the current situation in US as the economy further deteriorates where AUD picks up pace given its strength last week.
2 Ways to look at this:
(1) Given that the 200MA is sloping down, a short bias would be more predominant in this trade.
(2) However, it may rise, having a bullish breakout using the trend line support given the current situation in US as the economy further deteriorates where AUD picks up pace given its strength last week.