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Daily Market Analysis 05|08|2020: AUDUSD

AUDUSD
Daily Analysis / Online Education

Daily Market Analysis 05|08|2020: AUDUSD

Instrument: AUDUSD

Intraday: Bullish

Technical Analysis

Preference: 
Buy position is envisaged if price trades above 0.71918 with take profit at key level 0.72192.
Alternative scenario: 
Sell if price trades below 0.71462 with take profit at 0.71089.
Fundamentals:
3:00pm USD ISM Non-Manufacturing PMI

Comment: The dollar was down in Asia on Wednesday morning, with hopes of a U.S. economic recovery from COVID-19 continuing to diminish. Investors retreated from the greenback as the U.S. Congress failed to reach a consensus over the country’s latest stimulus measures and U.S. yields continue to plummet.

Analysis: SCRUM Team

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