On Thursday, the AUD/USD trades bullish at 0.7767, and an upward violation of the 0.7778 mark is likely to extend the bullish trend until the next target of the 0.7818 mark. Whereas the support holds around the 0.7722 mark. The RSI and MACD are suggesting bullish sentiment; thus, we have begun a buying trade at the 0.7750 mark.
The prevailing risk-off market mood also weighed on the risk-sensitive Australian dollar that ultimately added further pressure over the AUD/USD pair. On Tuesday, the daily death toll in the United States from the coronavirus hit a record of 4327 as the Trump administration attempted to fast-track the roll-out of vaccinations across the country. The US has the highest toll in the world from the coronavirus with a total of above 3lacs deaths, and it has also reported the highest number of infections with 22,959,610 confirmed cases of coronavirus.
Despite lockdown and restrictive measures, these rising cases of coronavirus added to the risk-off market sentiment in the market and weighed on the risk perceived by Aussie that ultimately added pressure on the declining AUD/USD pair. Furthermore, the mixed signals from some of the US Federal Reserve members on how much longer policy can stay so accommodative also dragged the treasuries and supported the demand in US dollar that ultimately added in the losses of AUD/USD pair.
Entry Price – Sell 0.77599
Stop Loss – 0.77199
Take Profit – 0.77999
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
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