Are the Australian Dollar bulls back in the playing field since the rebound from US$0.7660-80?

May 17, 2021 - 1 month ago
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The Australian Dollar bullish sentiment has increased since the rebound from the US$0.7660-80 support early last week.

The slide in the US Dollar Index (US DXY) on Friday has helped the Aussie dollar rise, along with firmer spot gold prices, now shifts the attention to the short-term cap viewed from US$0.7800-05.

On the Australian macroeconomic data, eyes look to Tuesday’s Monetary Policy Meeting Minutes, and then on Thursday is the release of the Australian jobs number.

Viewing the technical assessment, the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator remains in negative territory, along with the Moving Average Convergence Divergence (MACD) negative signal.

The Average Directional Movement Index (ADX) trend indicator is ranging, with no trend.

At present, the broader assessment is still contemplating a downs move with the support region (bull camp) at US$0.7660-80. Reassess from there.

A short-term cap is viewed from US$0.7800-05.

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