The Australian dollar has shot higher during the trading session on Thursday but looks as if it is running into a bit of trouble near the 0.72 handle.
The Australian Dollar is trading higher late in the session on Wednesday, recovering from early session weakness, amid rising hopes for further U.S. fiscal stimulus. Upbeat economic data also weighed on the safe-haven U.S. Dollar as sentiment shifted from risk-off to risk-on. Treasury Secretary Steven Mnuchin fueled the rally in the higher-yielding commodity-linked Aussie Dollar when he struck an optimistic tone about reaching a coronavirus aid deal on Wednesday after the stalemate in Washington dragged on for weeks.
The Australian dollar went back and forth during trading on Wednesday, as we have reached towards the technically important 50 day EMA.