AUDUSD Daily Outlook 14-09-20 – Last week the US dollar finished the week mixed despite higher inflation data from the US.
The British pound was the biggest loser of the week, knocked down by increasing odds of a no-deal Brexit, and it’s likely that the rising cases of coronavirus infections in the U.K. brought pressure to Sterling as well.
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On Monday we’re not expecting any high-risk events besides Australia’s RBA meetings and a bunch of data from China including their retail sales and unemployment rate.
Today I’m looking at the AUD/USD pair which lost its bullish momentum last week and is now consolidating below the 0.74 resistance level and the Ichimoku cloud on the 4-hour chart. The key support levels are at the 23% and 38% Fibonacci retracement levels of 0.72 and 0.71 respectively and unless we see a brand new bullish momentum, the pair is likely to head towards them with the current pressure.
Will you be shorting the AUD/USD pair this week? Head over to the comments section and let me know.
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