AUDUSD Surprise Bullish Mover

The Aussie could be considered the surprise bullish mover and showed resilience at the start of the week, despite investors seeking the USD as a safe-haven.

As the week progressed, the AUDUSD reached a two-week high after RBA Governor Stevens refrained from talking down the AUD while speaking at the Anika Foundation, alongside the news that Australian CPI increased by an annualised 3% on Wednesday evening. Saying that, the AUDUSD failed to challenge the 0.9462 resistance level and investors ended the week taking profit on the AUDUSD.

With Australian economic releases low in volume until Thursday morning, lower volatility could be expected. Any additional movement before then will likely be encouraged by the market reaction to the higher risk United States economic releases, such as Wednesday’s US GDP and FOMC decision. If traders begin the week taking profit on this pair, moves to the trend line will likely see the 0.9382 and 0.9372 support levels visited.

About the Author
Jameel Ahmad is the Chief Market Analyst at Forex Time (FXTM). He holds a BA (Hons)degree in Business Studies with Accountancy & Finance from the University of the West of England, Bristol, UK. In his early career, Jameel worked on a variety of projects in the Middle East, Europe and United States, which allowed him to develop a detailed understanding of banking, international finance and asset management. Later on he worked as a strategic research analyst for an international brokerage firm, where he gained invaluable experience in writing FX commentaries and fundamental analysis on distinguished financial websites.

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