In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we examine dollar weakness with AUDUSD first to move.
If you look across the other majors you will see that the USD is close to breaking strong weekly and monthly levels of support/resistance in the EURUSD, USDCHF, USDCAD and NZDUSD. The market which has already made the move above monthly highs of 0.6568 is AUDUSD. The fundamentals behind the Aussie are relatively positive. The government have done a decent job in controlling and suppressing the virus and the economy is so far successfully coming out of lockdown.
Also, the Chinese are also coming back online which will benefit the Australian economy. As a result, AUDUSD prices have already broken above the monthly/weekly highs, above ascending support levels and above yesterday’s high. A trade above 0.6615 represents a high probability trade to the upside.
Dollar Weakness With AUDUSD First to Move – Full Video Analysis
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