FX traders expecting AUD/USD gains this month can take comfort from seasonal trends.
An analysis of AUD/USD's February performance since 2000 shows it has risen in 16 of the past 23 years, including in 2021 and 2022.
Seasonality should not be considered in isolation, but combined with other factors it can be a useful tool.
AUD/USD's medium-term technical outlook remains very positive.
Last week AUD/USD vaulted and closed above the 0.7091 Fibo, a 61.8% retracement level of the 0.7661 to 0.6170 2022 slump, a very bullish development.
Fourteen-week momentum remains positive, also reinforcing the underlying upside potential for eventual gains to probe the 0.7309 Fibo, a 76.4% retracement of the same 2022 fall.
AUD/USD was buoyed by a risk-on rally on Tuesday when the Fed's preferred wages gauge, the U.S. employment cost index, showed a 1% rise last quarter, its smallest increase in a year.
In times of risk appetite, funds usually flow into of the Australian dollar.
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