Australia’s dollar has been under pressure for quite some time as it’s dealing with the US-China trade war, which is resulting in a slowing economy.
This past weekend, the 2019 Australian federal election was held to elect members of the 46th Parliament of Australia. The surprising winner was Mr Morrison, who campaigned primarily on economic issues and beat out Mr Shorten, who promised to cut tax breaks for the wealthy. At the opening on Sunday in Forex, the Aussie was catching bids, which pulled back right into a daily supply zone.
Monthly Chart (Curve Time Frame) – monthly supply is 1.02500 and monthly demand is 0.92500.
Weekly Chart (Trend Time Frame) – the trend is sideways with a downward bias.
Daily Chart (Entry Time Frame) – the chart suggests to go short at the daily supply at 0.7000 with a target at 0.6800.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.