Market has spoken. Bulls pulled off another positive run yesterday to mark a 2-day winning streak. We’re expecting bulls to remain in control after a 2-week hiatus. Market remains to be risk-on mode despite last day of fiscal stimulus by the US on July 31. Could it be because investors believe that Democrats and Republicans will be able to cut a deal and extend stimulus until January 2021?
Meanwhile, bears seem to be weak with its COVID-19 story. Increasing cases seem to be a discounted issue for the market. Second-wave story might be a thing 3 more months from now.
So for the meantime, let money rule the world and risk remains the name of the game.
AUDJPY Long: Entry 74.20-73.80, SL 73.2, TP 75.6