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Trade Analysis
The recent market talk is all about the trade war intensifying between the US and China and now the EU. The Dow Jones Industrial index has been dropping since the beginning of the month of June.
How does this affect the Forex markets? It kicks in the Risk Off trades, and we have seen people flocking to the safe heaven USD and naturally selling off the commodities currencies (AUD, NZD, CAD).
However from the charts, I see a potential stabilising of the AUDUSD, the pair seems to have found support for the past week at around 0.7340/60. I have spotted a bullish Bat pattern on the H1.
Looking for price to react to 0.7351 and targeting for a move up to 0.7407. Let's monitor this closely.
Cheers everyone. Trade well and trade safe.
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