Chart - Courtesy Trading View
News:
Moderna’s Chief Executive Stéphane Bancel predicts existing vaccines will struggle with Omicron - Financial Times (FT) reports.
"The high number of Omicron mutations on the spike protein, which the virus uses to infect human cells, and the rapid spread of the variant in South Africa, suggested the current crop of vaccines may need to be modified next year." notes Bancel
Technical Analysis: Bias Bearish
GMMA Indicator
- Shows strong bearish bias on near and long term moving averages
Ichimoku Analysis
- Price action is well below daily cloud
- The pair is extending break below weekly cloud
Oscillators
- Stochs and RSI show strong bearish momentum
- Oscillators are at oversold, but no signs of reversal seen
Bollinger Bands
- Bollinger bands are spread wide apart and are showing signs of further widening
- Volatility is hence high and rising, likely to add fuel to the downside momentum
Major Support Levels: 0.7080 (Lower BB), 0.7051 (38.2% Fib)
Major Resistance Levels: 0.7147 (5-DMA), 0.7189 (200-week MA)
Summary: AUD/USD set to see further weakness, scope for test of 0.7051.
