AUD/USD Surprises With Bullish Momentum

The Aussie could be considered the surprise bullish mover and showed resilience at the start of the week, despite investors seeking the USD as a safe-haven. As the week progressed, the AUD/USD reached a two-week high after RBA Governor Stevens refrained from talking down the AUD while speaking at the Anika Foundation, alongside the news that Australian CPI increased by an annualised 3% on Wednesday evening.

Saying that, the AUD/USD failed to challenge the 0.9462 resistance level and investors ended the week taking profit on the AUD/USD.

With Australian economic releases low in volume until Thursday morning, lower volatility could be expected. Any additional movement before then will likely be encouraged by the market reaction to the higher risk United States economic releases, such as Wednesday’s US GDP and FOMC decision. If traders begin the week taking profit on this pair, moves to the trend line will likely see the 0.9382 and 0.9372 support levels visited.



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