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AUD/USD Extends Recovery After Charting Doji Candlestick

AUD

AUD/USD extends its recovery from yesterday's low of $0.7149, as U.S. equity index futures operate in the green. The Aussie dollar is happy to look through the domestic Covid-19 situation, given the government's strategy of adjusting to living with the virus.

  • The rate's rebound in Monday's U.S. hours occurred in tandem with a recovery in U.S. equity benchmarks, albeit they failed to move into positive territory ahead of the close. AUD/USD charted a Doji candlestick as a result.
  • The rate last operates at $0.7181, up 11 pips on the day, with bulls looking for a break above Jan 6 high of $0.7223. This would clear the way to $0.7278, which represents the high print of Dec 31. Conversely, a slide through Dec 22 low of $0.7121 would expose Dec 20 & a key support at $0.7082.
  • ANZ Roy Morgan Weekly Consumer Confidence Index slipped to 106.0 from the previous reading of 108.4, as the rapid spread of the Omicron variant weighed on overall sentiment.
  • Australian retail sales and trade balance will hit the wires at the bottom of the hour. Job vacancies are due Wednesday, with housing finance data due Friday.
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