AUD/USD Outlook (17 November 2020)
Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced off the support zone of 0.72200.
Pharmaceutical company Moderna reported yesterday that their COVID-19 experimental vaccine was 94.5% effective. This led to the market going risk-on.
In the meeting minutes released earlier today, the Reserve Bank of Australia stated that the committee members consider negative interest rates not to be helpful and deem its adoption very unlikely.
Reserve Bank of Australia Governor Lowe will be speaking tomorrow at 0600 (SGT). During this time, there may be volatility in AUD.
Currently, AUD/USD is testing to break above the key level of 0.73. Its next support zone is at 0.72200 and the next resistance zone is at 0.73900.
Look for buying opportunities of AUD/USD if breaks above the key level of 0.73.
Pharmaceutical company Moderna reported yesterday that their COVID-19 experimental vaccine was 94.5% effective. This led to the market going risk-on.
In the meeting minutes released earlier today, the Reserve Bank of Australia stated that the committee members consider negative interest rates not to be helpful and deem its adoption very unlikely.
Reserve Bank of Australia Governor Lowe will be speaking tomorrow at 0600 (SGT). During this time, there may be volatility in AUD.
Currently, AUD/USD is testing to break above the key level of 0.73. Its next support zone is at 0.72200 and the next resistance zone is at 0.73900.
Look for buying opportunities of AUD/USD if breaks above the key level of 0.73.