- AUD / USD starts the week on a positive note.
- The DXY falls to the lows since September and tests 92.00.
AUD / USD closed last week with small gains and maintained the positive tone at the start of the current one. The price rose to 0.7336, the highest level in six days in the European session. It is trading at 0.7325 having lost momentum after approaching the highs for the month.
The dollar falls
Stock markets in the world are rising moderately, driven by more news about the coronavirus vaccine. This put downward pressure on the dollar. The US Dollar Index (DXY) is trading at 92.04, the lowest since September. Wall Street futures point to a positive open with gains in the order of 0.5%.
In the US, the preliminary reading of the PMI for November will be published. A slight decline is expected to 53 in the manufacturing index and 55.3 in the services index. Additionally, Thomas Barkin of the Richmond Fed, Mary Daly of the San Francisco Fed and Charles Evans of the Chicagao Fed will speak publicly on economics and monetary policy.
Close to November highs
The AUD / USD remains bullish but faces strong resistance around 0.7340, where are the maximums of this month and that stopped the pair in the last two weeks. Consolidation above would enable further raises, targeting 0.7400 and current year’s highs at 0.7413.
Technical levels
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