Tickmill : February 17th, 2020 – AUDUSD Breakdown

Title : AUDUSD Breakdown (February 17th, 2020)

Broker : Tickmill

Description : Last week continued to be catastrophic for Coronavirus victims as the numbers increased in China and a Japanese couple also got infected in Hawaii. Meanwhile, on Friday, both the US CPI and German GDP data came in better than expected.

Monday is President’s Day in the US so many traders will be off their trading charts. The only notable risk event is from Australia’ as the RBA releases its minutes of February policy meeting.

Today I’m looking at the AUD/USD pair which found strong support at 0.6680 upon 2 attempts to breaking below it. On the 4-hour chart, the pair has now broken above the Ichimoku cloud… and we can also spot a double bottom bullish reversal chart pattern… But, the future cloud has turned incredibly thin which could mean the consolidation may continue between 0.6760 and 0.6689. This could create range trading opportunities for short-term traders.

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