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Nov 24 - 06:55 AM

AUD/USD - COMMENT-AUD/USD Shifts Gears As Biden Begins Transition To The White House

By Rob Howard  —  Nov 24 - 05:55 AM

AUD/USD looks to be shifting to a higher range before January's change of occupant in the White House, after finally vaulting the 0.7350 resistance level on Tuesday.

Offers ahead of 0.7350 capped AUD/USD gains for a fortnight from Nov.
9 (after Pfizer's COVID-19 vaccine news), having previously kept a lid on mid-September gains.

Tuesday's break above 0.7350 was fuelled by a rise in risk appetite after the way was cleared for U.S. President-elect Joe Biden's transition to the White House. nL1N2I914C.
The AUD is seen as a liquid proxy for risk appetite.

Some short AUD/USD positions were closed out on the break above 0.7350: Friday's CFTC data showed IMM speculators remained net AUD short in the week to Nov.
17, having flipped from net AUD long to short in the week to Nov.
3. nL1N2I90JN

0.7350 is half a cent below the mid-point of the AUD/USD range from the start of 2016 to the end of 2019, with the traded high over that four-year period, 0.8136, among bull targets.

Related comments: nL1N2I40Q8nL4N2I901VnL1N2I90J6


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Source:
Refinitiv IFR Research/Market Commentary

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