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GBP/AUD broke support zone
- GBP/AUD broke support zone
- Next sell target - 1.7400
GBP/AUD recently broke below the support zone lying between the support level 1.7730 (which stopped the previous impulse wave 1 earlier this month, as can be seen below) and the 38.2% Fibonacci correction of the previous upward ABC correction (2) from the start of June. GBP/AUD is expected to fall further toward the next sell target at the next support level 1.7400 (low of wave (1) from June).
European shares fell on Monday as rising COVID-19 infection rates in Europe prompted renewed lockdown measures in some countries, casting doubt over the economic recovery, with a lack of U.S. stimulus also weighing on sentiment.
The U.S. Commerce Department said it will issue an order Friday that will bar people in the United States from downloading Chinese-owned messaging app WeChat and video-sharing app TikTok starting on September 20.
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Bank of England Governor Andrew Bailey delivered a speech today. Let’s discuss what it means for a trader.
Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.