AUDUSD rises on improved risk sentiment.
AUDUSD under bullish pressure today as the markets are focusing more on the risk-on factors boosting investor sentiment – the latest start of vaccination in UK and the soon to be started vaccination in USA, prospects of more U.S. fiscal stimulus (with both sides appearing to soften their demands) and Poland and Hungary accepting German EU budget proposal. The improvement in risk sentiment is helping riskier currencies, including the Australian dollar and NZDUSD. The current sentiment is also bearish for USD – driving AUDUSD up. The earlier breakout of the powerful resistance 0.7405 added to the bullish pressure on AUDUSD.
Expect buyers on downward corrections.
Next resistance to watch – 0.75
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