USD weakness and rise in commodities are currently in favor of AUD: Risk on

  • AUD / USD opens 0.60% higher at 0.7969 and the Aussie is again the best performing currency for the third consecutive week.
  • Strong movements in Asian stocks have further helped the rise
  • Rally for key commodities, combined with weak dollar movements before explaining the details of the US economic stimulus package, offset AUD and stock volatility
  • Accumulated orders between 0.7920 and 0.8000 can tame the rise at least temporarily
  • The next technical resistance is at the top of 2018 around 0.8136
  • The support is for the old resistance around 0.7815 / 20
  • We see sellers enter at 0.7935 and sales continue to 0.7920 for now
  • The cross goes to 0.80, but volatility is rising
  • Powell’s testimony later today could put pressure on the dollar
  • First price target – 0.7982; Next goal – 0.8100; The momentum may be temporarily oriented in range and correction before the strong upward trend continues

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