The Aussie has now passed 0.76 hurdle first. The next Hurdle is 0.80 which is our target for the next 3-5 months. However, with the year end - we will now look for two scenarios -
1. Price will revert back using the Fib retracement - looking at a new high low to form before a further bullish movement to the Aussie towards 0.80 - [this route has more setbacks]. 2. Price will continue to flow with minimal setbacks with a high probability of a weaker USD - due to the stimulus and presidential change, with new reforms to boost the economy again tumbling the Dollar.
Now the trend is moving, looking to see a weak dollar maintained in 2021 so this will be great for the Aussie. Remember any bearish news on the world will see a rush to the USD, however with the US attempting to remove the safehaven asset for investors, expect a good move for the Aussie to see bullish movements.