Listen to the latest market mood for the AUDUSD pair.
The risk tone has been more positive this week as hopes around Moderna’s vaccine have boosted risk sentiment. However, STAT news reported that Moderna’s COVID-19 vaccine did not produce critical data to properly assess the vaccine. How serious is this report? It is too early to tell.
- The USD outlook remains weak on any positive virus news.
- The AUD outlook will remain strong on any positive virus news.
Given the indecisive tones, today’s trade outlook will consider a breakout move that will limit downside risk but catch the move if positive sentiment returns. Therefore, if this positive outlook remains, expect AUDUSD buyers on a breakout of 0.6561.
- Entry/Exit Guide Entry: : 0.6561 buy on stop
- Stop loss: 0.6551
We expect this trade to play out over the next 6-8 hours
The main risk to this outlook is any further negative news on COVID19 in relation to Moderna’s vaccine.