InstaForex

September 1, 2021

AUD/USD Optimistic Investors Remain On Bullish Track

 The global stock market looked stable while the US dollar was somewhat mixed at the market opening in early September.


The New York session is soon seen to drive the movement of the US dollar through survey data for the manufacturing sector in the United States (US) as well as the ADP NFP employment data report for the private sector which could provide an early indication for the US NFP report on Friday.


After the US dollar slipped to a 3 -week low, Tuesday's New York session saw the US dollar strengthen again following profit taking factors at the close of August trading.


Analysts see the situation as temporary and expect the US dollar to decline again ahead of the NFP report.


Commodity currencies such as the Australian dollar will regain an advantage if the US dollar depreciates again in the market.


For the Aussie dollar, the release of Australia's Gross Domestic Product (GDP) data for the second quarter of the Asian session this morning was seen as less significant with a slightly lower reading than the previous quarter, but managed to print higher than forecast figures.


The price movement on the AUD/USD currency pair chart, the price is seen to have risen again at the beginning of the European session today.



In Tuesday's trading yesterday, the price made a rise reaching the high of 0.73400 before declining again in the New York session to the level of 0.73000.


The 0.73000 level is seen as the latest support zone of the price after the price is also supported by the Moving Average 50 (MA50) support level on the 1 hour time frame for the bullish trend signal.


A higher rise will reach the high target level of 0.74000 which is the resistance zone in last August's trading.


However, investors will evaluate as a change in the bearish trend again if the price falls below the price zone of 0.73000.


A continued lower decline will test the zone around 0.72500 before the next one will head to the 0.71000 support zone again.