Home Analysis AUD/USD is consolidating after reaching a YTD high

AUD/USD is consolidating after reaching a YTD high

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AUDUSD is consolidating after reaching a YTD high - forexspacex.com

AUD/USD started the week on the backfoot with a 0.33% fall on Monday after reaching a YTD high. The overall heightened risk sentiment in the market due to the Covid-19 outbreak in China has resulted in a profit booking in risk-sensitive currencies like the Australian dollar. The AUD/USD could not sustain above the 0.7500 mark and retreat in the New York session. The price action suggests a minor pullback near this level with the retest of 0.7460 level. The US dollar index (DXY) is stable above the key support at the 99.00 mark and could induce some offering in other majors. However, the Australian dollar is expected to perform stronger against the U.S. dollar amid the rise in commodity prices.

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