Will Trump's Latest Statement Support The AUD / USD Spike?

 After returning to work in the White House, US President Donald Trump has made the market turbulent following his aggressive statement on Twitter regarding the decision to stop discussions on the implementation of the US economic stimulus package.

The stock and commodity markets are once again under pressure with resilient market sentiment.

The Australian dollar continued to be affected by market risk-off sentiment added to the pressure after Tuesday's Australian central bank monetary policy meeting saw the Aussie dollar depreciate.

On the AUD / USD pair price chart, the price that has made a decline in the Asian session continued to decline until the end of the New York session with a daily decline recorded around 100 pips.

Prices moving below the Moving Average 50 (MA50) barrier at the 1 hour movement further strengthen expectations for prices to continue declining.

However, the Asian session on Wednesday saw prices show a resurgence pattern after Trump's latest statement on his Twitter page called for immediate approval for the aviation and small business sectors.

The price on the AUD / USD chart again made an increase from the level of 0.71000 to the level of 0.71300 testing the SBR minor zone (support become resistance).

With uncertainty over US economic stimulus package discussions, market risk sentiment will continue to push prices lower towards the 0.70800 RBS zone.

A lower drop will lead to the support zone above the 0.70000 level.

On the other hand, if the price manages to continue rising in the Asian session and passes the MA50 barrier, a higher rise is expected to reach the resistance level of 0.72000.