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AUDUSD - Long Above Key Support

Apr 09, 2021

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AUDUSD - Long Above Key Support by KQMarkets on TradingView.com

We still hold a long view on AUDUSD whilst the currency pair is above support 0.754 despite it's recent downtrend since the end of February.

The US dollar has continued to strengthen as treasury yield's have risen in particular on the back indications that the US economy, as indicated by the labor market, is recovering strongly from the pandemic.

However, the FOMC minutes release on Wednesday indicated that there would not be a major shift in the FED's dovish stance in the near future.

Therefore there could still be some upside potential for AUDUSD in particular if demand for Australian commodities increases as the global economy continues it's post pandemic recovery.

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