(DAILY NOTION) AUD/USD Possible Soared Above 0.7800, Break Beyond April 2018 High, Next Mover: Georgia Senate Runoff Election

Illustration photo of AUD/USD daily chart from Tradingview

AUD/USD is currently trading around at 0.7740,  reached a fresh multi-year high.

The greenback sell-off resulted in the Aussie surged. Generally speaking, the Aussie dollar is closely linked to the market sentiment. The democratic sweep might weigh negatively on the U.S. dollar. As such, selling pressure across U.S. dollar price action could accelerate if Democrats take control of the Senate by winning two seats in the Georgia election runoff. On the other hand, if the Senate republicans maintain their majority, we could see a relief bounce in the U.S. dollar.

Analyst Valeria Bednarik pointed out that AUD/USD could move upwards once hit above the resistance level at 0.7812, continue pressuring the daily high. The technical indicator has lost their bullish momentum, but still hold well on their midlines. It is possible to gain additional momentum in the short-term in case the right catalysts emerge as the RSI indicator reading remains in the overbought territory. 

FOLLOWME AUD/USD Overall Sentiment (As of 11:15 a.m., Jan 06, 2021),

Short - 41.60%

Long - 58.40%

For information please refer to Valeria Bednarik.