The AUDUSD has gapped lower during the trading session on Monday- forextrade forextrading
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If we do break above the 50-Day EMA, it’s likely that the market will go looking to the 0.67 level bomb, which is a large, round, psychologically significant figure, and an area where we had seen a lot of support previously. has gapped lower during the trading session on Monday, as it looks like the fear trade started back up, but having said that, we have turned around to show signs of life again.
At this point, the market looks as if it is trying to reach the 0.65 level, which of course is a large, round, psychologically significant figure.Furthermore, the market has seen a lot of negativities over the long-term, but it’s likely that we would see the market bounce occasionally, and that’s essentially what’s going on right now.
That level of support had been important for several years, so it’s not a huge surprise to see that perhaps traders will continue to look at this as an area that will have a certain amount of “market memory” attached to it. On the downside, if we can break down below the 0.6250 level, it’s likely that the market then opens a move down to the 0.60 level. That is obviously an area that will attract a lot of attention, as it is psychologically important, and extremely low. However, if thecontinues to be very tight and the RBA has to worry about a housing crisis in Australia, it’s a very real possibility that this does in fact happen.
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