03.09 - AUD/USD looks north ahead
- by George Solotarov
AUD/USD is battling the 0.7300 barriers, down over 100-pips from 2020 highs of 0.7410 reached earlier this week. The correction in the spot is mainly driven by the profit-taking rally in the US dollar across its main peers after the greenback slumped to two-year lows on dovish Fed Chair Powell’s monetary policy stance.
Meanwhile, the renewed US-China tensions, in the face of the Trump administration announcement of the restrictions on the Chinese diplomates in America, also collaborates with the downside in the Aussie. Therefore, the sellers look to the bullish points at 0.7280 as the immediate support. Any pullbacks will meet stiff resistance at 0.7322.