The AUD/USD pair is trading with a bullish bias at the 0.7486 level, heading upward until the next target level of 0.7520 level. The risk-sensitive AUD experienced following Britain’s top medical expert urged people with notable allergies to not utilize the coronavirus vaccine from Pfizer and BioNtech as it will give them an unfavorable response. This information came in after two people were advised to have drastic consequences from coronavirus vaccine usage.
This news deteriorated the risk sentiment and weighed on risk-sensitive Aussie that made the AUD/USD pair to lose some of its early daily gains. The rising number of coronavirus cases in the US surpassed the 15M daily on average; about 200,000 people were reported as positive for coronavirus infection in the US. These pandemic developments faded hopes for quick economic recovery despite vaccine development progress and weighed on the US dollar that added gains in the AUD/USD pair.
Meanwhile, China’s macro-economic data was also released on Wednesday but failed to give a decisive move to the pair AUD/USD as the data gave mixed results. The CPI from China dropped to -0.5% against the expected 0.0% and weighed on China-proxy Aussie. The PPI from China dropped less than expectations of -1.8% at -1.5% and supported the China-proxy Aussie. The New Loans from China dropped to 1430B from the expected 1450B and weighed on China-proxy Aussie that capped further gains in the AUD/USD pair on Wednesday.
Daily Technical Levels:
Pivot point: 0.7443
On the technical front, the AUD/USD is trading bullish at the 0.7487 level, facing next resistance near 0.7485. The bullish moves can prolong the buying trend to the next resistance area of 0.7525 level in the higher direction. On the 4 hour timeframe, the AUD/USD has developed an upward channel that holds the buying trend. Thus we have begun a buying trade in the AUD/USD pair today.
Entry Price – Buy 0.74844
Stop Loss – 0.74444
Take Profit – 0.75244
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
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