AUD/USD trades with modest losses around mid-0.7200s, downside remains cushioned By HareshMenghani AUDUSD RiskAppetite Coronavirus Majors Currencies
The US dollar made a solid comeback on the first trading day of the new year and reversed a major part of Friday's decline to the lowest level since November 30. This, in turn, was seen as a key factor that prompted some selling around the AUD/USD pair.
Investors also seemed reluctant to place aggressive directional bets, rather preferred to wait for a fresh catalyst from important US macro data scheduled at the beginning of a new month. This week'shighlights the release of ISM PMIs and the ADP report on private-sector employment. The focus, however, will remain on the closely-watched US monthly jobs report on Friday.
This, in turn, makes it prudent to wait for a strong follow-through selling before confirming that the AUD/USD pair has topped out in the near term. That said, bulls are likely to wait for a sustained strength beyond the 0.7275-80 region before positioning for an extension of the recent bounce from the vicinity of the key 0.7000 psychological mark touched in December.
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