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AUD/USD extends rise towards 0.6600

  • The Australian Dollar is experiencing a slight recovery during the trading session on Monday.
  • AUD/USD is testing territory north of 0.6550.
  • RBA Governor Bullock’s speech and Minutes of the RBA meeting will be published early on Tuesday.

The pair AUD/USD has gained more than 0.5% in Monday’s trading, surpassing the 0.6550 zone, while the US Dollar (USD) has retreated in the market, giving a respite to the Australian Dollar (AUD). The Antipodean currency continues its recent bullish trend and reaches its highest bid level since August.

Broader markets are cautiously tilting toward risk sentiment, pushing the dollar lower as investors celebrate what is widely perceived as the end of the Federal Reserve’s (Fed) rate-hiking cycle.

Reserve Bank of Australia (RBA) Governor Michelle Bullock will deliver a speech early in Tuesday’s session, followed by the latest minutes from the RBA meeting. RBA Governor Bullock will speak at the Australian Securities Commission’s annual State of the Economy Forum.

Australian Purchasing Managers’ Index (PMI) figures will be released mid-week, along with US jobless claims data.

Australian Dollar prices this week

The following table shows the percentage change of the Australian Dollar (AUD) against the main currencies quoted this week. The Australian dollar was the strongest currency against the Canadian dollar.

USD -0.28% -0.37% 0.09% -0.57% -1.09% -0.47% -0.12%
EUR 0.29% -0.08% 0.38% -0.26% -0.80% -0.17% 0.18%
GBP 0.37% 0.08% 0.47% -0.18% -0.71% -0.09% 0.26%
CAD -0.09% -0.37% -0.47% -0.66% -1.17% -0.54% -0.19%
AUD 0.56% 0.28% 0.19% 0.64% -0.54% 0.09% 0.44%
JPY 1.08% 0.80% 0.48% 1.16% 0.54% 0.62% 0.97%
NZD 0.45% 0.20% 0.09% 0.54% -0.11% -0.63% 0.33%
CHF 0.10% -0.18% -0.25% 0.20% -0.44% -0.98% -0.35%

The heat map shows the percentage changes of the major currencies against each other. The base currency is chosen in the left column, while the quote currency is chosen in the top row. For example, if you choose the Euro in the left column and scroll down the horizontal line to the Japanese Yen, the percentage change that appears in the box will represent EUR(base)/JPY(quote).

AUD/USD Technical Outlook

The AUD/USD bullish extension leads the pair to test the 0.6550 zone, rising towards the 200-day SMA near the 0.6600 zone.

AUD/USD has bounced almost 4.5% from October lows near 0.6270, a one-year low for the pair.

Short-term lows continue to weigh on the pair, and the Australian Dollar will struggle to continue reclaiming higher territory on the chart as bids approach the 0.6700 zone.

AUD/USD Daily Chart

Source: Fx Street

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