AUDUSD rises on improved risk sentiment.
AUDUSD under strong bullish pressure today on widely improved risk sentiment across the global FX and commodities markets. Australia is seen as the clear winner in the race to reopen and restart the economy – due to the superior handling of the covid-19 epidemic – with the new cases identified across the multi-million nation numbered in dozens – not dozens of thousands as in USA for example. The US dollar outflows after unexpected increase in U.S. weekly jobless claims are also driving AUDUSD gains at the moment. The latest breakout of the key resistance level 0.7800 should add to the technically-driven bullish pressure on this currency pair.
Expect buyers on downward corrections.
Next resistance to watch – 0.8120
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