The pair is above 0.6640, still under pressure amid the expectations of a strong decline in Chinese economic growth due to the new virus' impact on the production activity. Australia is closely linked economically with China, so the decline in demand for Australian exports will harm the country's economy, which …
The overall trend is upward. Breaking through the resistance level of 770.00 will result in the formation of an uptrend within the overall uptrend. Also, a bullish divergence has formed on the Awesome Oscillator.
Trading recommendations:
Buy above 770.00.
Stop loss: 740.00.
Target levels: 797.0; 833.50.
The overall trend is downward. A descending truncated H8 level pattern has formed on the wave (C) which also has a truncated pattern. Awesome Oscillator shows a bullish divergence, and Stochastic Oscillator signals oversoldness. A breakout of 1.3240 will result in the formation of an uptrend within the overall uptrend. …
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