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The Aussie Dollar caught some aggressive bids early in the session and is Trading sharply higher on Monday, up 1.75 percent at the time of writing.
A combination of factors triggered the rise in the AUDUSD notably the stronger than expected Chinese manufacturing PMI, punching above the 50 marks at 50.7.
A recovery in the Chinese economy is seen as a good omen for the Aussie Dollar as both countries are heavily linked economically. The AUD is often seen as a proxy to Chinese economic growth and was buoyed by the upbeat Chinese manufacturing data.
The AUDUSD managed to build on its recent bullish momentum by gaining strong positive traction at the start of the week. The momentum was compounded by weaknesses in the US dollar after the US manufacturing index data came in lower than expected with the Dollar index (DXY) breaking below its support level of 98.28.
Investors welcomed the news that US President Trump will not be pulling out of the US-China phase one trade deal over the contentious new law imposed by China in Hong Kong. Trump did however begin the process of striPPIng Hong Kong of its preferential Trading status.
Although the impacts of this move on Hong Kongs economy are yet to be properly assessed, Traders breathed a sigh of relief after having feared a repeat of a tariff war in times where global growth remains under pressure.
From a technical perspective, the AUDUSD has set a new 4-month high today after reaching the 0.678 marks. The pair seems to be retaining bids at this level, likely due to the release of underwhelming US manufacturing data. If the AUDUSD manages to close above the 0.67 marks today, the bullish momentum should continue in the short term for a target of 0.68576, the immediate resistANCe level.
On the flip side, analysts are pointing out the that state of the global economy remains weak, and with the threat of US-China trade tensions still fresh in our minds, the AUDUSD may see a correction towards the 0.66766 support level in the medium run. Should the pair fail to hold above its 200 days moving average, selling pressure will likely return with vigor.
(Chart Source: Tradingview 01.06.2020)
Looking ahead, optimism over a potential vaccine for COVID-19 and the reopening of major global economies are fuelling hopes for a strong V-shaped recovery, which would in turn boost riskier currencies such as the Aussie Dollar. Barring any jarring headlines on an uptick in coronavirus transmissions, the AUDUSD may continue to rise in the short term.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：Daily Market Recap - AUDUSD
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