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AUDUSD overview 12.08.2021

AUDUSD falls on risk-off sentiment.

AUDUSD under the bearish pressure today – under the effect of the significant Australian dollar bearishness and mild USD bullishness as the markets are currently in the risk-off mode. The risk off sentiment took hold as more countries have started reporting the local surges in the Delta variant cases – particularly China – which is, being the top trade partner of Australia, is showing the daily increase of the Covid-19 cases. As the result, the Australian dollar is sold as the result of the worsening covid situation in China. The pair is also driven down by mild USD bullishness after weekly Labor Department figures showed the number of Americans filing claims for unemployment benefits fell last week – which is a sign that the economic recovery from the COVID-19 pandemic continues to gather momentum in USA.

Expect sellers on upward corrections.

Next support to watch – 0,7320

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