alexa certify

The Risk-Sensitive Australian Dollar Boosted to $0.7657

Risk-sensitive currency, the Australian dollar, boosted on April 14 as investors shrugged off stronger-than-anticipated U.S. Consumer Inflation data. The news, which was likely priced-in for weeks, failed to rattle investors, sending Treasury yields lower and undermining the greenback.

The Westpac Consumer Sentiment Index increased to an 11-year high in April, defying worries about the government’s vaccine rollout. That followed a strong survey of businesses out on Tuesday.

The AUD/USD increased by 0.40%, which equals 0.0031, and traded at 0.7657.

According to the daily swing chart, the main trend is up. The trade through 0.7677 reaffirmed the uptrend. Meanwhile, a move through 0.7586 will change the main trend to down.

A sustained move above 0.7691 will show the presence of buyers. This could trigger a rise into the short-term Fibonacci level at 0.7728. Moreover, that’s is a potential trigger point for an acceleration into 0.7770 to 0.7826.

A sustained move below 0.7690 will indicate the presence of sellers. If this move generates enough downside momentum, then look for the selling to possibly extend into the minor pivot at 0.7609. That’s the last potential support before the 0.7586 main bottom.

Australia is experiencing a robust rebound from the coronavirus-induced recession

Australia witnessed strong employment numbers for March, with headline unemployment declining to 5.6%. The country added 70,700 jobs in March, which increased overall labor force participation to 66.3%. Moreover, part-time employment rose by 91,100, while full-time employment reduced by 20,800.

Australia is experiencing a robust rebound from the coronavirus-induced recession. Business and consumer confidence metrics resume shining while wages rise and employment data recover. The RBA has maintained its monetary policy stance, saying that the economic rebound is well underway, stronger than anticipated.

Additionally, prolonged lockdowns in Australia coupled with a slower than anticipated rollout of coronavirus vaccines may potentially cap AUD gains in the near term, despite a recovering economy. Moreover, any headwinds for Aussie may see the currency fall back and test its 50-day EMA, which currently stands at 0.7676.

  • Support
  • Platform
  • Spread
  • Trading Instrument
Comments Rating 0 (0 reviews)

Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.

You might also like

Leave a Reply


Subscribe to Our Newsletters

Have the best of Finance Brokerage News delivered directly to your mailbox. Subscribe now to receive the latest market news.