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Forex Traiding

Aussie rallies amid recovery hopes



DATE OF PUBLICATION: 2021-01-19 15: 32: 00 The Aussie strengthened against its major counterparts in Asian trading on Tuesday as investors remained hoping that economic growth in China would help support growth in the Asian region. Data released on Monday. revealed that China’s economy was gaining momentum by the end of 2020. Janet Yellen will appear before the Senate Finance Committee in a hearing to confirm her as Treasury Secretary. Yellen will likely urge lawmakers to act big to accelerate recovery. President-elect Joe Biden’s inauguration should take place on Wednesday. Biden has set himself an ambitious goal of getting 100 million Covid-19 shots and obliging everyone to wear a mask to combat the pandemic during his first 100 days in office. The Aussie climbed to 4-day highs of 80.31 against the yen and 0. 7,719 against the greenback, off its early lows of 79.53 and 0.7670, respectively. The next key resistance for the Aussie is at 84.00 against the yen and 0.79 against the US dollar. The Aussie climbed to 1.5672 against the euro and 0.9830 against the Canadian dollar from early lows of 1.5734 and more than a 2-week low. 0.9786 respectively. The Australian dollar is likely to meet resistance at 1.56 against the euro and 1.00 against the Canadian dollar. The Australian dollar jumped to more than a 3-month high of 1.0819 against the NZ dollar after falling to 1.0795 in early trading. On the other hand, 1.10 is seen as its next resistance level. Looking ahead, we note that data on economic sentiment in Germany for January should be released at the European session. Source – InstaForex

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