Aussie Weak, So Sell the Rallies: Looking Bearish Below the $0.7000 Handle AUDUSD FOREX Trading
| on February 13, 2023Enter your emailI think you’ve got a situation where the market continues to look at this as a “fade the rally” type of situation, and that will almost certainly continue as there is so much uncertainty in general.has done very little during the trading session on Friday, as we continue to hang around the 0.6950 level with no real delivery of momentum.
Ultimately, this is a market that has recently seen a massive selloff, and I do think that continues to be a major issue.AdvertisementThe Australian dollar is highly levered to the Asian economy and of course the Chinese reopening. While that should be a strong event for the Aussie, the reality is that we just don’t know how that’s going to go.
If we break above the 0.70 level, then I think it’s very likely that we can investigate the 0.72 level above. That’s an area where we have seen some resistance in the past, and of course the top of the negative candlestick from the previous week. If we do break down below the 200-Dayunderneath, then it’s very likely that we go plunging toward the 0.67 level, an area that had been rather important for a while previously.
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