ASX charges more than 2% as risk-on sentiment lives on. ASX finally breaks down the 38.2% Fibonacci resistance. Australia’s shares have surged by more than 2.0 per cent on the heels of UIS benchmarks and European markets which were riding the positive sentiments pertaining to hops of a COVID-19 vaccine. At the time of writing, the S&P/ASX200 benchmark index was higher by 111 points, or 2.06 per cent, at 5573.0 points after the Reserve Bank of Australia Minutes and Australia’s “Weekly Payroll Jobs and Wages” for the week ending May 2 which is part of an ABS special series which provides an estimate of the impact of COVID-19 on jobs and wages. Signs of a vaccine breakthrough Meanwhile, one of the leading biotech companies in the race for developing a coronavirus vaccine has announced initial results from first human tests were possible. The first coronavirus vaccine to be tested in people appears to be safe and able to stimulate an immune response against the virus, its manufacturer, Moderna, announced on Monday, – The New York Times reported in recent trade. A phase 2 study has been granted expected to enrol an additional 600 volunteers — half older than 55 — to provide additional immunogenicity data. There are hops that in July the company will begin a Phase 3 study, aimed at showing that the vaccine can actually prevent disease. Trade wars a tailwind risk Meanwhile, while signs of a vaccine and glimmers of hope in an economic pick up can support sentiment in the near term, the US President remains mused about eliminating the largest trading partnership in the world. The tensions between the US and China and China and Australia have revived since US President Donald Trump and Australian politicians blamed China for its handling of the coronavirus pandemic. US lawmakers are crafting proposals to push American companies to move operations or key suppliers out of China. In response, China confirms 80% tariff on Australian barley and has continued in a war of words with the US Australia’s Agriculture Minister: Will consider going to the WTO on China barley tariffs RBA minutes Australia is facing a “significant” and “unprecedented” economic contraction due to the coronavirus pandemic, though massive fiscal and monetary policy stimulus would help cushion the blow, minutes of the country’s central bank’s latest meeting showed on Tuesday, as Reuters noted. “The Reserve Bank of Australia (RBA) had on May 5 left the cash rate at 0.25% in a widely expected move and recommitted to buying as much government debt as needed to keep three-year bond yields near 0.25%.” RBA Minutes: GDP in Australia’s major trading partners was expected to decline significantly over the first half of 2020 AUD/USD fades an uptick to 0.6550 post-RBA minutes, Aussie jobs ASX 200 Index levels The 38.2% Fibonacci level (5470) has finally given out. Bulls have scored territory in the 5,600 and should this level hold, bulls will be looking to the 61.8% golden ration at 6127. First, 5,725 and the 11th March lows meet a 50% mean reversion of the same measurement. Meanwhile, the bears will be looking for an extension below the COVID-19 lows of 4402. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Silver Price Analysis: Trades above 200-day average for first since March 9 FX Street 2 years ASX charges more than 2% as risk-on sentiment lives on. ASX finally breaks down the 38.2% Fibonacci resistance. Australia's shares have surged by more than 2.0 per cent on the heels of UIS benchmarks and European markets which were riding the positive sentiments pertaining to hops of a COVID-19 vaccine. 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