The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
AUD/NZD: a trade idea
BUY 1.0440; TP1 1.0500; TP2 1.0535; SL 1.0420
AUD/NZD has substantially fallen in the recent days. More downside is likely. The pair will be vulnerable for a decline to support at 1.0440 (December lows). In this area, it should find support. The arrival to this levels will trigger a “Shark” harmonic pattern and lead to a rebound.
Currently, the precious metal trades in the zone of 7-year highs. How far away is the all-time high?
The volatility in USD/MXN has jumped. The pair is correcting up within the downtrend, which has been in place since September.
It looks like the American stock market woke for the true depth of dangers presented by the Coronavirus. Why now?
AUD is on a downswing against the USD. It reached the Spring-2009 lows. Will it continue the same direction?
NZD seems to be in an equal fight against the JPY. What stands behind that?