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Feb 08 - 05:55 AM

AUD/USD - COMMENT-AUD/USD Bulls Have History On Their Side Despite Risks

By Martin Miller  —  Feb 08 - 03:41 AM

Those expecting AUD/USD gains in this month will take comfort from seasonal trends.
An analysis of AUD/USD's February performance since 2000 shows it has risen in 14 of the past 21 years.
Seasonality should not be considered in isolation, but combined with other factors it can be a useful tool.

AUD/USD left a long tail of last week's candlestick line, a technical sign that the downside is being rejected.
The scope grows for bigger gains towards the 2021 0.7819 peak set in January.
Fourteen-week momentum has been positive since early November, reinforcing the underlying bullish cycle.

When risk appetite grows, funds usually flow into the Australian dollar.
Optimism about a global economic recovery and a weak U.S. dollar had supported the Aussie in Friday's session, but sketchy progress in fighting the coronavirus pandemic is seen as a threat by investors nL1N2KE06R and could cause a bout of AUD/USD selling if those perceived risks rise.
Related nL1N2JO0RW

For more click on FXBUZ


AUD/USD Seasonality Chart: Click here

Weekly Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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