The Australian dollar is currently mixed. While the currency has registered small gains against the US dollar and the yen today, it is currently selling off against the euro and the British pound. Looking at AUD/USD, the pair continues to look significantly overbought on a daily chart and is due for a short-term correction. The pair has run out of steam around 0.80. In the longer term, the Australian dollar should continue making gains against USD as the US dollar remains trapped in a bear market. Our short-term and medium-term outlook on the currency remains bullish.
AUD/USD is up slightly and trading just above 0.7990. EUR/AUD is up and trading above 1.530. GBP/AUD is up and trading above 1.7360.
There is no significant economic data relating to the Australian dollar this week. Last week, new employment were significantly ahead of expectations.