Home Analysis Australian dollar is consolidating the gains from previous sessions

Australian dollar is consolidating the gains from previous sessions

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Australian dollar is consolidating the gains from previous sessions - forexspacex.com

Australian dollar experienced a massive buying presence in the last week and bounced back from the major support level at the 0.716 mark. The AUD/USD pair gained 1.7% by the end of the week and is trading near the 0.7400 mark on Monday. The overall sentiment in the currency market is improving which would be beneficial for the risk-friendly Australian dollar. Investors are also expecting the Reserve Bank of Australia to hike the interest rates by 0.1% amid the gradual recovery in the economy after the pandemic. The main trend for AUD/USD is up on the daily swing chart, Indicating bullish sentiment in the market.

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