AUDUSD rises on dovish Fed comments.
AUDUSD under the bullish pressure today as the markets are reaching with dollar sales to the latest remarks from Fed’ Chair Jerome Powell who said that he expected three decades of lower and stable prices. Rowell repeated that the central bank’s new policy framework could accommodate annual inflation above 2% for some time before raising rates – strengthening market expectations of weak returns from the dollar – and driving the dollar sales across the board. The Australian dollar itself is benefiting from the first phone talk of President Joe Biden and Xi Jinping after the election – which is seen as the first constructive step toward the dialogue between the two superpowers (China being the top trading partner of Australia).
Expect buyers on downward corrections.
Next resistance to watch – 0.778478
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