AUD/USD Gains Momentum, Refreshes Weekly High Amidst Positive Wage Announcement and Weak US Dollar
The AUD/USD pair demonstrates a two-day uptrend, reaching a fresh weekly high as bullish sentiment prevails. The recent increase in the Australian minimum wage acts as a positive catalyst, counterbalancing market concerns regarding the Reserve Bank of Australia's (RBA) policy stance. This development fuels the optimism of AUD/USD bulls, who remain firmly in control.
US Dollar Weakens due to Fed Worries, Mixed Data, and Cautious Optimism
The US Dollar experiences a decline amid a combination of factors, including worries surrounding the Federal Reserve's monetary policy, mixed economic data releases, and cautious market sentiment. These concerns weigh on the greenback, providing further support for the AUD/USD pair's upward trajectory.
Market Focuses on Risk Catalysts and US Employment Report for Directional Clarity
Market participants eagerly await key risk catalysts and the US employment report to gain clear insights into the future direction of the AUD/USD pair. These factors are expected to shape market sentiment and guide investor decision-making.
AUD/USD H4 chart outlook
AUD/USD bulls remain dominant as they propel the currency pair to renew its weekly high, reaching approximately 0.6615 at the onset of Friday's European session. This notable upswing can be attributed to the widespread weakness of the US Dollar and positive wage announcements within Australia. Despite concerns surrounding the Reserve Bank of Australia's policy pivot, the AUD/USD pair disregards such fears, further strengthening its position. The recent approval of the US debt-ceiling deal by the Senate adds to the bullish sentiment, driving the risk-oriented AUD/USD pair.
US Dollar Weakens Amidst Concerns, Mixed Data, and Cautious Optimism
The US Dollar experiences a downward trajectory, influenced by multiple factors that contribute to its weakening position. Worries surrounding the Federal Reserve's monetary policy decisions, coupled with mixed economic data releases, dampen market sentiment towards the greenback. Moreover, cautious optimism pervades as investors assess the global economic landscape, prompting them to shift away from the US Dollar. This overall weakness in the US Dollar provides further impetus for the AUD/USD pair's upward movement.