AUDUSD falls on COVID-19 case rise.
AUDUSD falling under the dual forces of the simultaneous AUD bearishness and USD bullishness as the markets have shifted in more risk-off sentiment after realizing that even the best performing vaccines will not be administered soon enough to stop or even slow the continuous economic damage caused by the new lockdown measures being initiated worldwide. The vaccine will take time to be approved, delivered and be administered – which is not happening any time soon – and the markets are finally realising that. This realisation came forcefully after USA’S COVID-19 deaths had passed 250,000 and a record number of cases was reported in Japan forcing Tokyo to rise its pandemic alert level.
Expect sellers on upward corrections.
Next support to watch 0.7220
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