Concerns over the issue of side effects of blood clots after AstraZeneca vaccine injections and the increase in cases of Coronavirus infection in Asia have prompted a shift in risky market sentiment.
This situation will have a negative impact on commodity currency trading and instead will return to support the re -strengthening of the US dollar in the market.
The US dollar was seen rebounding in the European session after yesterday's decline impacted by a decline in US treasury yields.
If observed on the price chart of the AUD/USD pair, the slow -moving price in the Asian session at the 0.76600 high has plunged 70 pips as far as the European session to this week’s lows heading to the 0.75700 level.
The resumption of the price below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame also signals for a bearish trend.
The low of around 0.75300 became the main support level for the price after the price reached that level in early April which is the lowest level for the 4 -month trading period.
If the price makes a rebound, the resistance zone above 0.76500 will be tested after this price zone has been a bulwark for price increases over the past few weeks.
A higher rise is seen going to the focus level at 0.77000 and the resistance zone at 0.77500.
