The AUD/USD pair kicks off the new week on a positive note, snapping a two-day losing streak and stalling its recent pullback from the highest level since February 2023 touched last Monday.
AUD/USD attracts some dip-buyers on Monday, though the uptick lacks bullish conviction. The technical setup warrants caution before positioning for any further appreciating move. Bearish traders need to wait for a break below the 50% Fibo. level before placing fresh bets. Spot prices currently trade just above the 0.6800 mark, up 0.20% for the day, though lack follow-through buying amid a bullish US Dollar .
The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets or seeking safe-havens – is also a factor, with risk-on positive for AUD.
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