08.10 - AUD/USD gained traction for the second consecutive session
- by George Solotarov
The AUD/USD pair broke out of its Asian session consolidation phase and jumped to two-day tops, around the 0.7155 region. Renewed hopes about the next round of the US fiscal stimulus measures remained supportive of the prevalent upbeat market mood. This was evident from a positive trading sentiment around the equity markets, which dented the US dollar's relative safe-haven status and benefitted the perceived riskier Australian dollar.
A mildly softer tone surrounding the greenback assisted the AUD/USD pair to gain traction for the second consecutive session and move away from weekly lows, or levels just below the 0.7100 mark touched on Wednesday. The uptick, however, lacked any strong bullish conviction and thus, warrants caution for aggressive bulls.