AUDUSD rises on risk-on mood.
AUDUSD under the bullish pressure today under the effect of the safe-haven outflows from the US. dollar due to the recovery in risk appetite as strong earnings lifted Wall Street stocks. Strong earnings have swept away Delta concerns in the U.S – which added to the bearish pressure n the safe-haven currencies (dollar and the yen). The growing consensus among the fx traders is that the Delta strain does not pose an immediate risk to the recovery but is only delaying reopening at the most as countries accelerate vaccination programmes in response. The pair is also driven up by the risk-on buyers of the Australian dollar – even as coronavirus cases spiked in Australia – highlighting the markets’ dismissal of the Delta strain.
Expect buyers on downward corrections.
Next resistance to watch – 0.7400
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