fxstreet.com 01 Feb, 2021 08:00 am

Bears could take their chances this week

Bears could take their chances this week
The AUD/USD pair has fallen to a fresh 2020 low of 0.7591 this week, ending it with modest losses below the 0.7700 level. The Australian currency was

The poor sentiment was partially triggered by soft data indicating slow economic progress within the pandemic scenario, but also by an equities scandal that took by storm financial markets.Next Monday, China, Australia and the US will publish their respective January Manufacturing PMIs,  which will provide fresh hints on economic progress.Meanwhile, Wall Street is firmly lower at the end of the week.The week will end with the US publishing the January Nonfarm Payroll report.

The pair continues to develop above all of its moving averages, with the 20 SMA heading north above the larger ones.In the Overview chart, moving averages have turned lower, although with limited downward strength.

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