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Jan 13 - 06:55 AM

AUD/USD - COMMENT-AUD/USD Usually Sees Strong Demand In The First Quarter

By Martin Miller  —  Jan 13 - 05:42 AM

Those buying into AUD/USD for the medium term should take heart from history.
AUD/USD has ended in positive territory 13 of the past 21 first quarters.
Seasonality trends should not be considered in isolation, but combined with other factors they can become a useful tool.

Recent Wall street gains have been fueled by expectations that a vaccine will eventually win the battle against the coronavirus.
When risk appetite grows, funds usually flow into the Australian dollar.

The monthly chart is very bullish, pointing to further gains through the first quarter of 2021.
AUD/USD registered a December close above the 0.7516 Fibonacci level, a 76.4% retrace of the 0.8136 to 0.5510 (2018 to 2020) drop, strengthening the underlying bullish bias.
For the past six months in a row 14-month momentum has been positive.

U.S.
dollar's medium-term technical chart structure remains negative, which will further help to keep AUD/USD elevated nL1N2JL0C2.

For more click on FXBUZ


Seasonality Chart: Click here

Monthly Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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