The Australian dollar, a risk sensitive currency, rises after the Asia-Pacific trading week closes. Another factor supporting growth is the U.S. employment data, which shows relief in the number of infected people. During the recent Wall Street trading session, traders dropped the US dollar to focus on the upcoming NFP (Non-Farm Payroll Report).

Traders will use the report to gauge where the Federal Reserve would go with policy. Analysts said the trade number could hit +750,000, slightly below the pressure of 943,000 in July. The upcoming NFP will be the last before the Fed’s Open Market Committee meeting this month. With the Fed’s inflation targets already met, jobs will be a major topic of the session.

On the other side of the world, the Australian dollar is rebounding from its 2021 low against the USD. Last week, non-commercial traders eased bullish speculation on the AUD. However, the best is still placed near the 2021 highs hit by the currency. With the market forecasting a positive outlook for the currency, traders look for that best forex broker in australia.

The comeback is primarily a rollback of the depressed AUD that has faced delta fears. The CFTC (Commodity Futures Trading Commission) will provide an update during the US session. The coming data will show how traders perceive the Australian dollar’s performance over the coming months.

As AUD-USD fully retreated from the post-wedge collapse, upside momentum is slowing after breaking the 50-day simple moving average (SMA). The RSI (Relative Strength Index) is falling into the overbought area near the 70 mark. This could cause prices to fall to the 50-day SMA. If it breaks the downside, the market could see a previous trendline or fib level of 78.6%.

Traders trust the Australian dollar despite mixed feelings.


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