AUD/USD steadies around 0.7600, clings to modest daily gains
- AUD/USD is trading in the positive territory on Tuesday.
- Broad-based USD weakness allowed AUD/USD to push higher.
- Upbeat market mood is providing an additional boost.
The AUD/USD pair struggled to make a decisive move in either direction on Monday and closed flat. With risk flows staying in control of financial markets on Tuesday, the pair gained traction and was last seen trading at 0.7602, where it was up 0.33% on a daily basis.
USD selloff continues
Coronavirus vaccine rollout, EU-UK trade deal and the agreement on the US COVID-19 relief aid allow the market mood to remain upbeat in the last week of 2020. On Monday, Wall Street's main indexes surged to new record highs and look to extend the rally on Tuesday with the S&P 500 Futures rising 0.45% ahead of the opening bell.
On the other hand, the greenback stays on the back foot against its major rivals in the absence of significant macroeconomic data releases and helps AUD/USD to trade in the positive territory. At the moment, the US Dollar Index is down 0.35% on the day at 90.03.
Thin trading conditions are expected to persist toward the end of the week and year-end flows could trigger sharp fluctuations, which are likely to remain short-lived.
Technical levels to watch for
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.