AUSTRALIAN DOLLAR FORECASTS: AUD/USD-THE SHARE PRICE SPIKE MORE THAN a POSITIVE CORONA VIRUS VACCINE-NEWS the ECLIPSE, THE CHINA TRADE TENSION
- AUD/USD surges as risk appetite grows after the last corona virus vaccine news headlines
- The Australian Dollar continues to benefit from the improvement in market sentiment and fading of volatility in FX
- The trade with china, ” the tension remains a major threat to the AUD/USD the price action, all of the Aussie
Spot AUD/USD climbed to 2% more on Tuesday and were mainly fuelled by the widespread Us Dollar strength. The Aussie has climbed throughout the trading session, as trader sentiment improved and risk appetite has increased, which seems to be largely catalyzed by the recent corona virus vaccine news headlines.
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The Change in the
The first reports that there could be a safe and effective vaccine for the COVID-19 the markets with a new dose of or corona virus of optimism. International gallery of modern art, a manufacturer of drugs in the UNITED states, has announced the results of the eight-person phase I clinical trial for its corona virus vaccine that has shown encouraging results. This propelled the Australian Dollar and other pro-risk assets are higher during a certain time safe-haven assetsas the dollar is under pressure.
The AUD/USD PRICE CHART, DAILY TIME FRAME (DECEMBER 23, 2019 AT the latest FOR THE MAY 18, 2020)
Upward momentum will be registered by the AUD/USD the price action so far this week, seems to have stalled near the 0.6250 brand. 125 pips jump and notched by the Aussie against the US Dollar as one of his peers, since the close of Friday, reiterates the 0.6400-handle-as-a-great technical support level that shows the potential number to view the article AUD/USD, prices strengthened in the future.
Spot AUD/USD may struggle to sustain its advance, however, given the heavy technical barrier presented by the 0.6550 area of price. This area of resistance has been underpinned by the in April, and the current month on the swing-highs. That said, AUD/USD, prices may gyrate between the 50 days and 200 days exponential moving averages as the forex trading battle is over-the-Aussie-Dollar is the next big direction, in the middle conflicting fundamental forces.
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The US Dollar’s outlook, has improved recently with the FOMC reiterating its full-of-the-IT is the attitude, which could present a bearish headwind to the AUD/USD price action. Also, spot AUD/USD could also face downward pressure due to the risk of us-China trade wars 2.0.
Read More Australian Dollar Forecasts: AUD/USD & AUD/JPY in the Face of Central Test
— Written by Rich DvorakAnalyst for the DailyFX.com
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