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On Tuesday, commodity-reliant currencies gained due to support from stable oil prices and returning risk appetite among investors. The Aussie rocketed to $0.7803 against the USD, the highest level in about 10 months, then continued to gain 0.6% on the day.
The oil price is supported by the current strike in Kuwait. The workers’ strike happening in Kuwait has cut the production of this OPEC member by nearly half, boosting investors’ appetite to take on risk and reversing the disappointment in the market after the failure of the Doha meeting on Sunday.
Thousands of workers in Kuwait Oil Company have stopped working since three days to express objections to the reforms in the public sector pay structure. This event has reduced oil production to 1.5 million barrels per day.
Yesterday, New York Fed President William Dudley, expressed views indicating an improving US economy. Yet the Fed has still remained cautious about another rate hike. However, Boston Fed President Eric Rosengren expressed his view that Fed will raise interest rates more quickly than expected by investors.
In Australia, the CB Leading Index for February was released at -0.3% compared to -0.4% in January. The data combines the reading of 7 economic indicators related to money supply, building approvals, profits, exports, inventories, and interest rate spreads.
The market is awaiting the results of the Monetary Policy Meeting of the RBA for information about the decision on where to set interest rates.
Fig. AUDUSD H4 Technical Chart
AUDUSD is on track to rise as high as 0.77887 after witnessing a significant drop due to the failure of the Doha meeting last week. RSI is now hovering around level 66, indicating strong buying power. The pair seems headed straight into the overbought territory with the support of the moving averages below. The price is anticipated to continue the uptrend.
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