​AUD/USD Expected to Extend Uptrend

WikiFX News (17 Sept.) -Lately, AUD/USD registered a new weekly high of 0.7343. According to the Reserve Bank of Australia (RBA) Minutes, AUD/USD may continue reclaiming the ground lost from the 2020 high of 0.7414 as the central bank will back the economic recovery by its current tools.

It seems the RBA is in no rush to deploy additional monetary measures. Governor Philip Lowe indicated that the implemented policies of the Board were continuing to support the Australian economy.

On the other hand, it remains to be seen if the latest Australia's Labour Report (released on GMT+8 9:30, Sept.17) will influence the bank's outlook on monetary policy. Anyhow, the macroeconomic environment may keep AUD/USD afloat ahead of the next RBA rate decision on October 6.

Looking ahead, AUD/USD may continue showing the uptrend as it has turned up ahead of the 50-Day SMA. A breach above the 2020 high of 0.7414 is necessary for the pair to further test the 0.7480, with the next area of focus coming in 0.7560-0.7590.

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Chart: Trend of AUD/USD