AUD/USD chart - Trading View
- AUD/USD was trading 0.20% higher on the day at 0.7597 at around 08:30 GMT, extending bullish streak for the 5th straight session.
- US dollar remains on the defensive amid mixed signals from the Fed officials and weak economic data, pushing the pair higher.
- Data released overnight showed US Weekly Initial Jobless Claims fell to 411K. The reading is well above 200K levels before the coronavirus pandemic.
- The US Goods Trade Deficit widened to $88.1 billion in May, from $85.7 billion in April. While, US Gross Domestic Growth (GDP) remained unchanged at 6.4%.
- Further, risk-on sentiment dulls the dollar’s safe-haven appeal while lifting the higher-yielding currencies like the Aussie.
- Price action has retraced dip below 200-DMA and has edged above 200H MA, scope for further gains.
Summary:
Major trend remains neutral on the daily charts, while it is bullish on the intraday charts. AUD/USD eyes 21-EMA at 0.7640. Break above daily cloud required for upside continuation.
