(DAILY NOTION) AUD/USD - Australian Dollar Gained Downside Momentum, Losing Ground Against U.S. Dollar, Next Mover: Commodity Market Sell-Off

The new Covid-19 strains which found in the UK is the major catalyst for the forex market right now. Weakness on the commodities market yesterday put pressure on the commodity-related currencies such as the Australian dollar. However, they managed to rebound quickly. Commodity such as the oil and sliver are under pressure lead to this rebound did not continue. If the commodity market sell off continue, the Australian dollar will move even lower.

The AUD/USD pair is trying to settle below the support level at 0.7575 and moving towards the support level of 0.7535. The RSI indicator is currently at the overbought area, indicate that there is still plenty of room for price to move downward.

Analyst forecast that if the AUD/USD settle below the support level of 0.7535 it will push AUD/USD towards the next support level of 0.7485. On the other hand, AUD/USD need to settle above 0.7575 to gain upward movement. The next resistance level is located at 0.7600. 

By looking at the FOLLOWME Overall Sentiment (As of 05:50 p.m.), the overall sentiment of FOLLOWME traders in the AUD/USD leans towards long position with a ratio of 51.17%  while the rest of 48.83% is short position .