FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(EURUSD and AUDUSD) for the day
FxWirePro:AUD/USD pauses 5-week bearish streak, Antipodeans buoyed as concerns about Omicron variant ebb
Chart - Courtesy Trading View
AUD/USD was trading 0.27% higher on the day at 0.7013 at around 07:10 GMT.
The pair has paused a 5-week downward streak and is consolidating break below 38.2% Fib.
Antipodeans attempting a bounce in Asian trade amidst ebbing concerns about Omicron variant.
News showed that preliminary observations from South Africa suggested Omicron patients had relatively mild symptoms.
A mixed U.S. jobs report last week failed to shake market expectations of a more aggressive U.S. tightening.
Focus now on the US consumer price inflation report due on Friday which could likely strengthen the case for an early tapering and a stronger dollar.
Technical bias for the pair is bearish. Price action has closed below 38.2% Fib. Scope for further downside.