Tue, Feb 07, 2023 @ 04:15 GMT

AUD/USD Recoups Losses

The Australian dollar edges higher as traders shun safe haven assets like the greenback. The pair has clawed back a big chunk of its losses from the liquidation in mid-December. The bulls have shifted their focus to the previous peak at 0.6900. A bullish breakout would extend the aussie’s recovery in the medium-term. In the meantime, they may consolidate their holding above 0.6800 with 0.6760 as the closest support. That would attract more buying interest. 0.6710 is a second layer of defence in case of further hesitation.

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