fxstreet.com 05 Feb, 2021 16:15 am

Resilient Australian economy to keep providing support to the AUD

Resilient Australian economy to keep providing support to the AUD
It was a dull week for AUD/USD in terms of price action, as, after gapping lower at the opening, it is closing it unchanged in the 0.7610 price zone.

Anyway, it also shows that bearish pressure eases as time goes by, with those betting for lower levels decreasing from 60% to 46%.In the Overview chart, moving averages have limited bearish slopes, which decrease as time goes by.Weekly basis, lower lows and lower highs suggest that the pair will keep on falling.Throughout next week, Australia will publish January NAB’s Business Confidence,  February Westpac Consumer Confidence and Consumer Inflation Expectations for the same month.

In the daily chart, on the contrary, the risk is moderately skewed to the downside, as the pair has remained below a bearish 20 SMA, while the 100 SMA loses bullish momentum far below the current level.1%, while policymakers reiterated that rates wouldn’t be hike until inflation reaches the central bank’s target.

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