Global equity markets have been on a bull run this week following an upbeat COVID-19 vaccine announcement from pharmaceutical giant Pfizer (NYSE: PFE) and their German associate, BioNTech (NASDAQ: BNTX). However, the effect of the news has begun to wane as Covid-19 cases across Europe soar.
Meanwhile, Christine Lagarde, Chair of the European Central Bank, cautioned on Wednesday about getting over-optimistic by the vaccine news. She added that the continent could still witness a surge in coronavirus cases and stricter lockdown measures soon.
Later today, investors’ attention will be on the virtual ECB Forum on Central Banking, where Lagarde will be headlining the event with Fed Chief Powell and BoE Governor Bailey.
In other news, China remains defensive over the Australian push to an inquiry, claiming that negligence on the part of Asian leaders led to the COVID-19 outbreak. After raising bars for Australian wine, iron ore, and barley, the Asian giant has suspended Victorian timber logs indefinitely.
Additionally, US National Security Adviser Robert O’Brien’s oblique warning to China over the long-drawn Hong Kong Security Bill has exerted more pressure on the already embattled AUD.
EUR/AUD Value Forecast — November 12
EUR/AUD Major Bias: Bullish
Supply Levels: 1.6330, 1.6400, and 1.6512
Demand Levels: 1.6200, 1.6100, and 1.6000
The EUR/AUD has entered a bullish wave, given the recent Aussie weakness. The pair found additional buyers after it bounced off the base of our descending channel, which is an indication that we could see a retest of the 1.6330 resistance. Subsequently, we could see the price approach 1.6400— the top of our channel.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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