The AUSUSD pair is stable at the close of the Asian session today, the pair rebounded after hitting a low during the day of 0.77052.
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The AUSUSD pair is stable at the close of the Asian session today, the pair rebounded after hitting a low during the day of 0.77052.
The weakness of the dollar persists at the beginning of the week against the Australian currency, the optimism of investors maintains the appetite for risk.
Rafael Q. Financial analyst at TeleTrade, consider what, the greenback remains on offer after the positive results in the main economic indicators that reflected that the United States economy continues with a solid recovery phase, thanks to the approval of packages of fiscal stimuli and the successful vaccination plan in the North American country, therefore, investors are withdrawing from the refuge and looking for higher profitable assets.
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The optimism is combined with the decline in the yields of the Treasury bonds in the United States that are far from the maximum levels of last month, a situation that affects the dollar and favors the price of raw materials such as gold, which it drives the Australian dollar which has a strong correlation with the precious metal.
Some of the factors that are driving the Aussie are the results in the growth indicators in China that presented in its year-on-year report the growth rate since the 90s, showing signs of improvement, benefiting its trading partners such as Australia.
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For their part, expectations regarding the reopening of the economy in Australia, provide positive signals for investors, since the restart of travel between Australia and New Zealand came into force today.
At the beginning of the week lacking economic data, investors will be attentive to the announcement of the Minutes of the monetary policy meeting of the Federal Reserve of Australia, where it is expected that the Board of the Reserve Bank will signal the measures in its future meetings, and for Wednesday the Australian Retail Sales monthly, which is expected to exceed -0.8% from the previous month.
TeleTrade considers that, for the moment, the AUDUSD has bounced off the 38.2 Fibonacci level of the downtrend from March 25 to April 1, the pair remains above the 50 and 100 moving averages, which indicates that the upward trend will continue, if the continuity to the upside occurs, it will seek to reach the 50% Fibonacci level at 0.77686.
If there is a strengthening of the greenback, the pair will have to overcome the 38.2 level to seek the support range at Fibonacci 23.6 at 0.76428.
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