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Commodity currencies traded down early in the week after risks returned to the market following concerns over the emergence of a new variant of the Coronavirus in Europe.
The Australian dollar remained weak in the Asian session today despite Australian retail sales data for November published in favorable figures.
Investors are still wary of the risk of new viruses that could hinder economic recovery after the early distribution of vaccines has begun.
On the price chart for the AUD / USD pair yesterday, the price has plummeted to 140 pips as market risk sentiment has strengthened US dollar trading.
However, after the decline was seen to reach the level of 0.74600 in the RBS zone (resistance become support), the price jumped again 130 pips past the resistance level of 0.75700.
The price hike was driven by the depreciation of the US dollar as investors turned their attention back to the issue of the increasingly positive US economic stimulus package.
However, today's Asian session saw the price move slowly again below the 0.75700 level.
Prices also dropped after failing to pass the Moving Average 50 (MA50) resistance level within the 1 hour time frame of the price movement which signals a bearish trend.
A bearish move is seen heading to the support zone at 0.75200 before retesting the 0.74600 level reached yesterday in the RBS zone.
If otherwise the price makes a rise again, the high level at the resistance zone 0.76500 will be the focus of the price.
