Weekly Australian Dollar Technical Forecast: Bears Losing Control of Price Action dailyfx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyfx.com Daily Mail and Mail on Sunday newspapers.
Thanks to shifting fundamental forces – weaker commodity prices and a relatively less hawkish RBA – Aussie bears more control over price action across a number of AUD-crosses.
The Canadian Dollar has been on an absolute tear in 2021, thanks in part to rising energy prices. Yet gains have been harder to come by over the past week-plus.
Weekly Australian Dollar Technical Forecast: Fresh Highs in Sight for AUD/JPY, AUD/USD
Technical Forecast for the Australian Dollar: Bullish
It may not be the most seasonally friendly time of year for the Australian Dollar, but a prevailing ‘risk-on’ mood in global financial markets is giving a bid to the commodity-linked currency.
Both AUD/JPY and AUD/USD rates are breaking higher out of recent consolidations, suggesting that near-term technical structure is bullish.
Australian Dollar Rates Week in Review
The first week of May proved a strong start for the trio of commodity currencies, which were the top three performers among the major currencies. Coming in first place, the Australian Dollar was able to post gains against all of its major counterparts, with pairs like AUD/JPY (+1%) and AUD/USD (+1.66%) posting the strongest gains. With the Reserve Bank of Australia now in the rearview mirror and a relatively benign economic calendar due in the days ahead, even though it ma