AUD/USD stretching upwards towards 0.6600
- 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
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
