EUR/AUD forecast for  November 20, 2020

Looking at the EUR/AUD pair chart, we will see that the pair encounters resistance at 1.63000, the bearish scenario is still in force, and there is a probability that the pair will drop to 1.60000. Conversely, if the euro consolidates and exceeds the level of 1.63000, the first up target is 1.64000, and above is a higher resistance to 1.65000.

Most affected is the global pandemic spread throughout Europe, where European countries are forced to go into lockdown. Australia has been in lockdown since the start of the epidemic, but several new coronavirus infections are under control, and the country is slowly recovering faster than others.
The total value of retail sales in Australia climbed to a seasonally adjusted level of 1.6 percent in October, the Australian Bureau of Statistics announced on Friday, which amounted to 29.618 billion US dollars. That exceeded expectations for growth of 0.3 percent after falling by 1.1 percent in September.
During the year to October, employment fell by 1.0 percent or 132,300 people. Unemployment increased by 25,500 to 960,900 people (and increased by 238,900 during the year to October 2020). European Commission President Ursula von der Leyen said that Europe could receive coronavirus vaccines approved for widespread use next month.
The statement follows the promising test results of two separate recordings – one by a collaboration between US pharmaceutical company Pfizer and German company BioNTech, and the other by American Modern – over the past two weeks.

The success of Moderna’s vaccine gives hope for the end of the pandemic

Brussels has already bought 200 million doses of vaccines from Pfizer / BioNTech and is negotiating the purchase of 80 million doses of Moderna through an EU-wide procurement mechanism, and said they would be distributed to countries based on a “proportional population distribution key.” Belgium, France, and the Netherlands have asked the European Commission to step up its unforeseen planning for Brexit without an agreement, which will definitely affect the euro’s value.