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Daily Market Analysis 28|05|2020: AUDUSD

Intraday: Bullish

Technical Analysis

Preference: 
Buy position is envisaged if price trades above 0.66213 with take profit at 0.66520.
Alternative scenario: 
Sell position is envisaged if price trades below 0.65975 with take profit at 0.65740.
Fundamentals:
1:30pm    USD    Prelim GDP q/q

Comment: The US economy has been under intense pressure after tensions between the US and china escalated, this pushed the dollar downward and made AUDUSD bullish. This bullish move can only be invalidated if more positive news on the COVID vaccine comes out. However, for now, we envisage AUDUSD to keep trading bullish.

Analysis: SCRUM Team

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