Forex
AUD/USD Rallies on Weaker Dollar and Declining Yields
AUD/USD prices have been benefiting from a weaker US dollar and declining yields, giving bulls some comfort in their position.
The pair hit 0.6966 overnight, but instead of continuing downward, it turned positive due to broad USD selling and soft US yields.
This trend was further bolstered by rallies in gold, silver, copper, and equities, which helped boost the AUD/USD price.
The pair reached 0.6995 in Europe's morning trading session and increased by 0.36% in early New York action.
Bulls take comfort in the fact that AUD/USD remains above its 10-, 21-, and 200-DMAs, while ongoing consolidation and rising Relative Strength Index (RSI) values also contribute to their optimism.