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AUD/USD tests 14-month highs as Greenback falters
Key Takeaways (30s Read)
AUD/USD is testing 14-month highs as the US Dollar weakens.
AUD/USD has entered a second consecutive day of strong gains, rising by two-thirds of a percent on Tuesday, adding to the 0.68% increase from the previous day, as the USD declines across the board. This trend reflects the overall weakness of the US dollar helping to strengthen the Australian dollar. Additionally, expectations around rising commodity prices and a recovery in the Chinese economy bolster AUD's performance. This price action suggests that if the pair can clear key resistance levels at these 14-month highs, further upside could occur. However, traders should be cautious of potential reversals if the USD regains strength.
AI Analyst
AI Opinion
"The rise in AUD/USD can be attributed to the weakening of the US dollar, particularly driven by the impact of the commodities market. Expectations regarding US economic performance and interest rate policies are supporting the AUD, and positive news from the Chinese economy could further enhance bullish sentiment. However, traders should remain cautious of potential reversals if the dollar rebounds. Given the market's volatility, there is a possibility of corrections. Investors should focus on specified resistance levels while closely monitoring AUD's performance."
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