Tickmill’s Investing Diva, AUDJPY Daily Outlook 30-03-20

<p>AUDJPY Daily Outlook &#8211; The US extended social distancing guidelines for another 30 days through the end of April, on Friday the Bank of Canada lowered its benchmark overnight interest rate to 0.25% to address the economic consequences of the coronavirus pandemic, and during this whole craziness, North Korea decided it’s a good time to launch two short-range ballistic missiles off its Eastern Coast.</p>
<p>Last week the Australian dollar was pushed to near the top of the forex major pairs as we saw an increased risk appetite, but it looks like this week we could see a bit of a u-turn.</p>
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<p>Today I’m looking at the AUD/JPY pair which bounced off the support level of 59.96 last week… but looking at the big picture it could soon find itself near the lows of the 2008 financial crisis at around 54.</p>
<p>Will it happen this week as risk appetite fades away and more cases of coronavirus patients are reported globally? I don’t like to put a timeline on it, but it is possible…</p>
<p>But in that case, we would have to brace ourselves for new all-time lows never seen before in the history of forex trading.</p>
<p>Do you think AUD is bound for a disastrous week, or it’ll continue to enjoy some bullish sentiment? Head over to the Comments section and let me know.</p>
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