AUDUSD tumbles as US-China relation deteriorates.
“US blame China for spying after unidentified object enter US airspace.”
Pair of AUD/USD continues to test at one-week low as market sentiment turned cautious over political jitter. According to reports, US has identified and shot down “unidentified objects” that were flying over US airspace, with White House alleging China over spying. Recent political turmoil caused anxiety in the market as it may further deteriorate relationship in between US and China that may deter economic discussions.
Quick recap on AUDUSD
The pair tumbles as it fails to make substantial recovery over past few sessions.
AUDUSD Weekly Technical Analysis
From weekly perspective, the pair was rejected from 200-MA line, cementing the course for further downside bias.
AUDUSD Daily Technical Analysis
From daily perspective, MACD shows significant downward momentum, whereby the nearest support level will be the main focus for the market.
ORDER: SELL STOP
STOP LOSS: 0.6900
Target 1: 0.6780
Target 2: 0.6730
ZFX Analyst’s Comment
With recent recovery proving to be dismal, we expect the pair to extend its losses after successfully closing below 0.6880.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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