AUD/USD resumed its uptrend and rapidly left behind Friday’s knee-jerk, returning albeit briefly beyond 0.6600 the figure in quite an auspicious start to the new trading week.
AUD/USD puts the 0.6600 barrier to the test on Monday. Markets remained sidelined ahead of key releases on the US docket. The Australia n labour market report will be the salient event this week. Meanwhile, the Aussie dollar's key focus remains on the critical 200-day SMA, currently at 0.6595, as a decisive break above this level is crucial to reinstating a more positive outlook for the pair.
Overall, the RBA is likely to be the last among the G10 central banks to begin cutting interest rates. Potential easing by the Federal Reserve in the medium term, contrasted with the RBA's expected prolonged restrictive stance, could support AUD/USD in the coming months. However, the sluggish momentum in the Chinese economy could hinder a sustained recovery of the Australian dollar. China continues to face post-pandemic challenges, deflation, and inadequate stimulus for a robust recovery.
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