Aussie bulls keep the topside pressure as the bearish divergence remains evident

January 7, 2021 - 2 weeks ago
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The Australian Dollar reached an intraday high of US$0.7816 against its rival the greenback on Wednesday which was last challenged back in April 2018, meanwhile, to some surprise, the AUD/USD pair ignored the 60 dollar fall in gold prices.

Investors shrugged off the U.S. Capitol Hill was locked down after President Donald Trump’s supporters stormed past barricades and breached the building.

President-Elect Joe Biden condemned the mob attack by Trump supporters on the U.S. Capitol, saying “our democracy is under unprecedented assault. I call on President Trump to go on national television now to fulfil his oath and defend the Constitution and demand an end to this siege”.

Viewing the topside, although the bulls remain present, so does the bearish divergence which in terms indicates a potential sharp downtrend in lurking in the shadows.

A decisive break of US$0.7725 is expected to trigger the decline to a potential target of US$0.7570-75.

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