Analysts at Bluepipsforex have opened a long position on the AUD/USD pair as they think the Aussie has become cheap with a risk on economic condition that is start anticipated on the global economy owing to increase in measure to control Covid-19 pandemic.
Key quotes
“We enter a long AUD/USD position (spot reference: 0.6412) with a target of 0.6485 and a stop-loss of 0.6371.”
“The rhetoric between the US and China has been easing, which puts the spotlight on the upcoming trade discussions and broader political dialogue. The resulting improvement leaves AUD to a potential advancement upward against other pairs.”
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