AUDUSD - Long supply correction
From a fundamental point of view:
Prices have become overbought for a while, this mainly due to Covid-19 and impact it had not only on the dollar, but on the United States dollar of America. Prices might continue to be overbought and continue a stabilisation in the uptrend, if the economical and health plan for the US to recover, would dramatically again experience negative repercussions, due to Covid-19 and other economical factors.
From a technical point of view:
Prices actions seem to have find a strong resistance, pivot line where demand is not enough to surpass the supply level.
A possible entry (short position) can be considered valid. With different TP(s) at different Fibonacci levels.
Disclaimer: My publication is out of my own initiative to share my idea, it Is neither a price prediction nor a financial advise. However feel free to use whatever utility you might find in that idea.
Feel free to reach out and comment.
Stay Safe, trade well and regards.
Kevin C. Best
Prices have become overbought for a while, this mainly due to Covid-19 and impact it had not only on the dollar, but on the United States dollar of America. Prices might continue to be overbought and continue a stabilisation in the uptrend, if the economical and health plan for the US to recover, would dramatically again experience negative repercussions, due to Covid-19 and other economical factors.
From a technical point of view:
Prices actions seem to have find a strong resistance, pivot line where demand is not enough to surpass the supply level.
A possible entry (short position) can be considered valid. With different TP(s) at different Fibonacci levels.
Disclaimer: My publication is out of my own initiative to share my idea, it Is neither a price prediction nor a financial advise. However feel free to use whatever utility you might find in that idea.
Feel free to reach out and comment.
Stay Safe, trade well and regards.
Kevin C. Best
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