The tone has taken a turn. More downside for AUDUSD
There are two new macro uncertainties we are going through right now.
1. Omnicron strain
2. Fed bringing forth the date to raise rates
Both of which spells trouble for the global economy which explains the risk off attitudes we are seeing in the market this week. We should see more downside come for the aussie dollar in the coming weeks unless there is a 180 degrees shift in macro sentiments.
BEAR CASE
It looks like price is ready to dump from here to retest the 0.67 levels.
BULL CASE
If we see a short consolidation to the upside this coming week, we will be looking for our shorts.
1. Omnicron strain
2. Fed bringing forth the date to raise rates
Both of which spells trouble for the global economy which explains the risk off attitudes we are seeing in the market this week. We should see more downside come for the aussie dollar in the coming weeks unless there is a 180 degrees shift in macro sentiments.
BEAR CASE
It looks like price is ready to dump from here to retest the 0.67 levels.
BULL CASE
If we see a short consolidation to the upside this coming week, we will be looking for our shorts.