- AUD / USD continues to rise after closing in positive last week.
- The US markets will be closed due to Presidents’ Day.
- The US Dollar DXY Index remains in negative territory below 90.50.
The pair AUD/USD it gained nearly 100 pips last week and maintains its bullish momentum on Monday. Nevertheless, After hitting its highest level in a month at 0.7788, the pair appears to have entered a consolidation phase, up 0.3% on the day at 0.7775 at time of writing.
Selling pressure around the dollar and relatively bullish market sentiment have helped AUD / USD move higher at the beginning of the week.
The DXY US Dollar Index, which lost nearly 0.7% last week, is currently down 0.08% on the day at 90.35. US macroeconomic data will not be released and Stock markets will be closed due to the Presidents’ Day holiday.
Reflecting the positive sentiment of risk in the markets, the main European stock indexes rose between 0.4% and 1.4% on Monday.
In the early trading hours of the Asian session on Tuesday, the Reserve Bank of Australia will publish the minutes of its meeting from December.
AUD / USD technical perspective
In assessing the short-term technical outlook for AUD / USD, “the outlook for a move to 0.7795 has increased and a breakout from this level would shift focus to 0.7820,” analysts at UOB said. “In general, the AUD / USD is expected to move with a bullish bias as long as it does not fall below 0.7695”.
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