Reserve bank of Australia latest monetary decision clearly shows us the optimism over the market and the risk appetitive was growing recently. Mostly they will follow the targeting method as of America.
Vaccine development news was the supportive factor for the Aussie dollar rather than their national economic development.
Previous month the GDP was plunged to the record low level. Most of the sectors are showing some sign of recovery after the pandemic situation.
After reaching September high 0.74120 the price was dropped to the 0.72000 major psychological level And low level. And USD has recovered some of the earlier loses.
Price is currently trading below the 38.2Fibonacci retracement level. And is also forming. This may consider as a larger formation
On higher timeframe.
The price is trading above all the 50,100,200 .
On principal the second wave is almost completed in minuette level after the minor correction waves.
0.73000 will act as resistance for the . is pointing towards as its reached 70 level. pattern shows as a divergence. The Primary target would be 0.72000
3 Month high -0.74133
3 Month low - 0.68065
6 Month high - 0.74133
6 Month low -0.55098
yearly high - 0.74133
yearly low - 0.55098
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It’s not a financial advice. Do the analyze and take a decision.