Analysis Market overview

AUDUSD overview 02.02.2021

AUDUSD falls on risk-off sentiment.

AUDUSD under bearish pressure today – under the effect of the two opposite sentiments seen across the currency markets today – the continued dollar bullishness and the renewed AUD bearishness. The optimism about U.S. stimulus – on signs that Joe Biden is poised to push forward with his $1.9 trillion COVID-19 relief plan – is adding to the bullish pressure on the dollar. The Australian dollar as the global risk sentiment barometer is showing the risk-averse mood among the investors amid the expected prolongation of the lockdowns – on delays of the vaccination programmes worldwide. Australian dollar is also under bearish pressure after the country’s central bank said it will extend its quantitative easing programme to buy an additional $100 billion of bonds.

Expect sellers on upward corrections.

Next support to watch – 0.7515

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