Morning Insights 22nd November

Simon Alagbe

Analyst


Instrument: AUDUSD

The Greenback continued its recent surge against the Aussie on Friday as investors sought after safe havens after news broke from major economies in Europe that they could reimpose full lockdown amidst rapidly increasing COVID-19 infections. The commodity supported Aussie has been on the flat foot on the back of major retracement in the price of major export products from the country. The Pair traded to the downside and has found support on major timeframes from H1 to D1, suggesting the return of some bullish momentum.


Technicals:

The instrument got rejected around the 0.72261 support level with some bullish patterns around the support zone favouring a move to the upside with take profit at 0.72893 and stop loss below the support at 0.72192. 



Fundametals: 

No major economic data with bearing on the pair


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