AUD/USD is currently showing a fairly favorable context for an uptrend. The market is gradually pricing in the possibility of the Reserve Bank of Australia maintaining its tight stance as inflation in Australia remains under pressure. Meanwhile, expectations that the Federal Reserve may ease policy this year are causing the USD to weaken relatively, giving the AUD an advantage.
In addition, the improved economic outlook from China – Australia's major trading partner – is also supporting commodity currencies. When demand for commodities and raw materials increases, the AUD usually benefits, thereby further strengthening the upward trend of this currency pair in the medium term.
Technically, the price has just broken out of the previous downtrend structure and created a fairly strong upward movement, indicating that buying pressure is prevailing. Currently, the market may experience a slight correction to the support zone around 0.7080 before continuing the trend. If this area holds, the higher low structure will be confirmed, opening up the possibility of the price continuing to move towards the 0.7200 – 0.7230 region in the coming sessions.
In addition, the improved economic outlook from China – Australia's major trading partner – is also supporting commodity currencies. When demand for commodities and raw materials increases, the AUD usually benefits, thereby further strengthening the upward trend of this currency pair in the medium term.
Technically, the price has just broken out of the previous downtrend structure and created a fairly strong upward movement, indicating that buying pressure is prevailing. Currently, the market may experience a slight correction to the support zone around 0.7080 before continuing the trend. If this area holds, the higher low structure will be confirmed, opening up the possibility of the price continuing to move towards the 0.7200 – 0.7230 region in the coming sessions.
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