- The Australian Dollar is seeing a mild recovery for Monday.
- AUD/USD testing territory north of 0.6550.
- RBA Gov Bullock speech, RBA Meeting Minutes due early Tuesday.
The AUD/USD has gained over 0.5% in Monday's trading, lifting above 0.6550 as the US Dollar (USD) eases back across the market, giving the Aussie (AUD) some breathing room. The Antipodean is extending recent bullish action, extending a climb into its highest bids since August.
Broader markets are tilting cautiously into risk-on sentiment, pushing the Greenback lower as investors celebrate what is widely perceived as the end of the Federal Reserve's (Fed) rate hike cycle.
A speech from Reserve Bank of Australia (RBA) Governor Michelle Bullock is due early in the Tuesday session, followed by the RBA's latest Meeting Minutes. RBA Governor Bullock will be speaking at the Australian Securities & Investments Commission's Annual Forum, branded "State of the Economy".
The mid-week will be bringing Australian Purchasing Manager Index (PMI) figures alongside US Jobless Claims data.
Australian Dollar price this week
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies this week. Australian Dollar was the strongest against the Canadian Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| 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 percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
AUD/USD Technical Outlook
The AUD/USD's bullish extension sees the pair testing into the 0.6550 region, grinding higher towards the 200-day Simple Moving Average (SMA) near the 0.6600 handle.
The AUD/USD has rebounded almost 4.5% from October's lows near 0.6270, a year-long low bid for the pair.
Near-term swing lows continue to plague the pair, and the Aussie will have a tough time continuing to reclaim higher chart territory as bids approach the 0.6700 major handle.
AUD/USD Daily Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays below 1.1000 ahead of Fedspeak
EUR/USD moves sideways in a tight range below 1.1000 on Monday. The data from the Eurozone showed that Retail Sales rose by 0.2% on a monthly basis in August as forecast, failing to boost the Euro. Investors await comments from Fed officials.
GBP/USD struggles to recover above 1.3100
GBP/USD stays under bearish pressure and trades in the red below 1.3100 on Monday, erasing early gains. The pair is undermined by a negative shift in risk sentiment but the downside remains limited as the US Dollar struggles to build on previous week's gains.
Gold ranges around $2,650, awaits fresh clues
Spot Gold's consolidative phase continued throughout the first half of Monday after the noisy United States NFP report released last Friday. XAU/USD found near-term demand at the beginning of the week as Middle East tensions undermined the market’s mood.
Is “Uptober” here for Bitcoin?
Bitcoin stabilizes at around $63,000 on Monday. US spot Bitcoin ETF experienced outflows week-on-week. NYDIG report highlights that Bitcoin remains the best-performing asset this year, with a 49.2% year-to-date gain.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.