AUDUSD surges on global rise in risk demand.
AUDUSD under strong bullish pressure as the combined expressor of the two mutually reinforcing sentiments affecting this currency pair at the same time – 1) strong AUD bullishness as the reflection of the widespread market optimism about the mass vaccination being started globally, the US stimulus and Brexit progress and 2) the equally strong USD dollar bearishness – amid wide scale safe haven outflows form the dollar. The US dollar is losing its appeal as the store of value as more investment opportunities are arising globally – this is driving AUDUSD gains and is expected to exert further bullish pressure on this currency pair.
Expect buyers on downward corrections.
Next resistance to watch – 0.7670 (June high from 2018)
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