AUD/USD Surges on US Treasury Bond Buyback Program

The US Treasury's announcement of a long-end bond buyback program has led to an increase in demand for US Dollar assets, causing the Australian Dollar (AUD) to appreciate against the US Dollar (USD). The AUD/USD pair is trading at $0.7176, up 0.87% on the day, with the daily move favoring buyers.

The higher July unemployment rate in Australia has prompted traders to lower their expectations for additional Reserve Bank of Australia rate hikes, further contributing to the appreciation of the AUD against the USD.

Technical indicators suggest that the AUD/USD pair is in a bullish short- and medium-term setup, with a projected range of $0.7116 to $0.7188 over the next 2 to 3 days.