AUDUSD Upside – Buyers are Waiting
Today we will talk about the Aussie, which has been in a downtrend for the last few months because of the lockdown in Australia and speculation regarding FED tapering which brings strength to the USD. However, lockdown is expected to be removed in Australia in October, so economic activity should go back to normal – which will likely be positive for the AUDUSD. In fact, we have a very similar price action compared to last year, when markets also topped in September and then bottomed through October and November after lockdowns were removed. So, can we see similar price action this year? Indeed we can, but HSI is an issue here. However, we will show you a 40-50week cycle that can project the end of a bear market on HSI. At the same time we see COT data at extremes with short positions, so a potential change in weeks ahead which can cause a shift in trend.
For more details check the video and charts below.
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