AUDUSD rises on continued economic recovery.
The Australian dollar resumed its persistent uptrend today as domestic data showed continued economic recovery. Australian data showed 50,000 new jobs were added in December – which means that the Australian economy has recovered more than 90% of the losses suffered during the coronavirus lockdowns last year. The jobless rate dropped to 6.6% – even if it remains well above the pre-pandemic level of 5.2%. The pair is also helped up by the strongly bearish USD sentiment as the markets globally look ahead to more fiscal stimulus in the United States under President Joe Biden.
Expect buyers on downward corrections.
Next resistance to watch – 0.7800
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