This week, safe haven currencies benefitted from the risk aversion driven by fears of the coronavirus outbreak. Meanwhile, commodity currencies took a back seat with the Loonie skydiving after BOC’s switched from a neutral to dovish stance, much to the market’s surprise. On the other hand, the AUD was relieved from its recent decline as unemployment data came in better than expected and provided some support for the currency though that did not last long as risk aversion floods the market once again.
Price is facing bullish pressure from our first support where we could see a bounce towards 1st resistance level. Stochastic is showing signs of underbought.
Price is facing bearish pressure from our first resistance where we could see a drop below this level to our first support level. Stochastic is showing signs of bearish pressure as well.
Price is facing bearish pressure from our first resistance where we could see a drop below this level to our first support level. Stochastic is showing signs of overbought as well.
Price is facing bullish pressure from our Ichimoku cloud and our 20 EMA. We remain bullish above our first support level and could see a further push up to our first resistance level.
Price holding and reacting below first resistance with room for further downside potential. First support is a strong support level as it is a graphical swing low and has been found via multiple Fibonacci levels. RSI is also holding below resistance.
Price broke below ascending trendline support (now resistance) and drifted lower coming close to our first support zone, above which we should see a price reaction. Stochastics tested support and is reacting as well.
Read more market views from the AxiTrader team: https://www.axitrader.com/int/market-news-blog/.
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Sometimes you have to throw conventional wisdom out the door and just let the good times roll