With Australia extending their lockdown over the weekend and with the Fed's most recent optimistic outlook on the U.S economy, a potential 200 pip drop down to 0.7380 seems like a possibility. Previewing the pair on the daily time-frame, you can see the pair managed to retrace to the 38.2% retracement level of the most recent bearish impulse. This level was also met with a strong resistance zone.
Currently the pair is making lower lows on the daily perspective but for this pair to give conviction of further downside, we will need a break and hold below the 200 SMA. If we manage to break below the 200 SMA, look out for 0.7480 and then 0.7380.
Currently the pair is making lower lows on the daily perspective but for this pair to give conviction of further downside, we will need a break and hold below the 200 SMA. If we manage to break below the 200 SMA, look out for 0.7480 and then 0.7380.
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