AUD/USD in focus for the week ahead amidst critical US data and global COVID-19 By ross_burland AUDUSD Commodities Technical Analysis Coronavirus
AUD/USD bulls getting set for the next bullish impulse and a fresh corrective high for the coming days.
this week and plenty of jitters surrounding COVID-19 to give the bulls reason to remain cautious at the start of the New year. will be one of the main highlights. ''The late-December COVID surge likely came too late to prevent a pickup in US payrolls after the gain in November appeared to be held down by an overly aggressive seasonal factor,'' analysts at TD securities argued.
Moreover, domestically, the COVID-19 situation is no better. New coronavirus infections soared again in Australia before the New Year Eve celebrations to a record of more than 32,000, just days after surpassing 10,000 for the first time. Experts say the explosion is being driven by the highly contagious omicron variant and recent relaxation of restrictions in Sydney and other areas.
From a daily perspective, the price action has left the bull's footprints in the form of a W-formation, a retest of the neckline on a 38.2%retracement and a subsequent extension of the bullish correction. This leaves the bias bullish for the near term. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
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