The Aussie pair has closed on Monday with significant gains in the 0.7210 price zone after starting the day with a bearish momentum. The AUDUSD pair’s price held above the yearly low set on Friday at 0.7105 and advanced throughout the day, following the lead of global indexes. A considerable recovery in gold prices provided an additional boost to the pair as Gold recovered the 1,800 levels.
Australian data released at the beginning of the day was quite disappointing, as the Commonwealth Bank Services PMI contracted to 43.3 in August, according to preliminary estimates. The manufacturing index was down to 51.7 in the same month, both missing the market’s expectations. Australia will not publish macroeconomic data on Tuesday but in the US New home sales and the Richmond Manufacturing Index will be released.
Looking ahead, the AUDUSD pair is bullish in the near term, could extend its gains once above 0.7250.
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