AUDUSD rises on dovish Fed.
AUDUSD rising today as the result of the two mutually reinforcing sentiments affecting this currency pair – the widespread dollar bearishness and the rising Australian dollar bullishness. The dollar bearishness is the result of the expectations the U.S. Federal Reserve will maintain its dovish stance at a policy meeting weighed on the greenback later this week. The Fed’s meeting ends on Wednesday when Powell is likely to face questions if an improving labour market and rising coronavirus vaccinations warrant a withdrawal of monetary easing – with most analysts expecting him to say such talk is premature – which would put the bearish pressure on the dollar. Australia dollar is rising due to the improving risk sentiment as more developed countries are showing the slowdown of the epidemic due to the vaccination campaigns.
Except buyers on downward corrections.
Next resistance to watch – 0.7812
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