AUDUSD Buy Entry: Market Analysis

5/06/2020 10:11:00 PM

Entry / Exit Guide:

Entry: Long from 0.6407
Stop Loss: 0.6370
Target: 0.6480

Reason:

Today’s risk tone is moving towards a risk tone with equity markets hanging in recent gains, bond yields are higher and commodities are also mostly positive in the session.

It supports high-beta product-linked currencies such as AUD. As long as the risk tone is positive, we see more upside potential for AUDUSD.

Keep in mind, however, that there is currently no clear or fresh catalyst driving risk perception, which means it can change rapidly from a negative catalyst if tariffs news come and start to be moderate without a clear driver.


Technically AUDUSD now bottom of trendline.
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