The pair remains under pressure as the EU announces a stimulus package to support the economy. It turned out to be smaller than expected—1 trillion euros instead of 2 trillion. Moreover, the meeting didn’t clarify the details of the deal, which will weaken the pair in the short term. …
The overall trend is downward. The resistance level of 8.00 holds back the bulls. A wedge trend continuation pattern has formed. Breaking through the support level of 7.00 will result in a further decline within the overall downtrend.
Trading recommendations:
Sell below 7.00.
Stop loss: 8.00.
Target levels: 6.00; …
The Australian dollar fluctuated in a narrow range slanting toward decline during the Asian session, to witness its bounce to the fourth session in eight sessions from its highest since last March 12 against the US dollar after the developments and economic data that it had reported on the Australian …
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