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Overview:
The AUD/USD pair.
All invisators are Focusing on Chinese and United States data and coronavirus developments.
In the one-hour chart, the pair is also developing far below bearish moving averages, while technical indicators (RSI) consolidate in oversold levels, without signs of an upcoming recovery.
But, it should be noted that after the corona crisis ends, AUD/USD is set to rise to reach the level of 0.6137, and turned towards down around the area of 0.6050-0.6010.
The AUD/USD pair fell from the level of 0.6137 towards 0.5510. Now, the price is set at 0.6056. THe point of 0.5912 acts as a daily pivot point.
The volatility is very high for that the AUD/USD pair is still moving between 0.6007 and 0.5700 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 0.6007 and 0.6137, which coincides with the 61.8% and 78% Fibonacci retracement level respectively.
The price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the AUD/USD pair is continuing in a bearish trend from the new resistance of 0.5912. Thereupon, the price spot of 0.5912 remains a significant resistance zone.
Trading recomnadations:
Therefore, a possibility that the AUD/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.5912, sell below 1.59125 with the first targets at 0.5817 and 0.5700 (the double bottom is seen at 0.5510).
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