Increasing Wedge Breakout Exposes AUD/USD to Potential Drops


The pro-growth Australian dollar is trading marginally higher this Monday against the USD. This comes after China announced their intention to stimulate the economy via loose monetary policy and fiscal support. Price appreciation may have been significantly higher however concerns around rising COVID cases weighed down on AUD gains. Overall markets are exhibiting a feeling of ‘risk-on’ sentiment, reflected by broad based commodity gains – additional sustenance for the Aussie dollar.

Looking ahead, the economic calendar is unlikely to impact AUD price action although the rest of the week holds several high impact U.S. centric data points. This being said, after guidance received from the Fed last week, these releases may be minimized.

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