Tuesday, November 17, 2020

Still Awaiting Vaccine Sentiment, AUD / USD Loosened At Last Week's High Level

 Market sentiment was re-enlightened with the latest reports regarding the development of the Coronavirus vaccine if Moderna also announced that their vaccine order test had reached the 94% stage.

Reports that bolstered the fading confidence of earlier breeders have supported the return of commodity currencies to be traded to increase, although price movements are seen as still slow.

The Australian dollar took advantage of the situation during the period to increase its trading value with a focus on the mines of the Australian Central Bank (RBA) in the Asian session.

In the chart of the AUD / USD currency pair, the price tested the 0.73000 hurdle face in the Asian session last night so that the European session finally managed to break through that face in the following session following the latest reports regarding vaccines.

The price movement was flat in today's Asian session with the market reaction to RBA's rupiah oil mines also not really affecting Aussie trading.

The price is likely to test the 0.73000 level before continuing its advance higher with its next high target around 0.74000.

However, if the price makes a fall below the 0.73000 level and also the Moving Average 50 (MA50) support level on the 1 hour frame, a decline is expected so that the RBS (resistance become support) zone is around 0.72200.