The AUD/USD pair has advanced for an eighth consecutive week, reaching 0.7819, a level that was last seen in April 2018, trading a handful of pips below that level as traders prepare for some weekend rest. The unstoppable rally is set to continue after a mild correction, according to FXStreet’s Chief Analyst Valeria Bednarik. Key quotes “Australia reports just a few cases per day and is used to take quick, aggressive measures to keep it contained. On average, the country has been reporting less than 20 new daily cases since last December. The US, on the other hand, has vaccinated over 6 million citizens, but has hardly recurred to restrictive measures and reported roughly 250,000 new cases per day this last week.” “The market keeps ignoring tensions between Canberra and Beijing, which have been temporarily put aside in these latest shortened weeks. The issue, however, is pending over Australia like a Damocles’ sword and may hit hard the aussie at some point in the near future.” “The risk of a bearish corrective decline is quite high. Still, bulls retain control and higher highs are on the table. The weekly chart shows that the 20 SMA has crossed above the 200 SMA for the first time since June 2018, both far below the current level. The Momentum indicator eased just modestly within positive levels, while the RSI indicator keeps heading higher at around 71.” “The 20 DMA heads firmly higher at 0.7630. The indicator stands as a mid-term line in the sand, as a retracement towards the latter won’t affect the dominant bullish trend. Below this level, the pair may dip towards 0.7500 before meeting substantial buying interest. Beyond 0.7820, the pair has quite a clear path towards the 0.7900 price zone.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Fed’s Clarida: Low unemployment rate not enough to trigger tighter policy FX Street 1 year The AUD/USD pair has advanced for an eighth consecutive week, reaching 0.7819, a level that was last seen in April 2018, trading a handful of pips below that level as traders prepare for some weekend rest. The unstoppable rally is set to continue after a mild correction, according to FXStreet’s Chief Analyst Valeria Bednarik. Key quotes “Australia reports just a few cases per day and is used to take quick, aggressive measures to keep it contained. On average, the country has been reporting less than 20 new daily cases since last December. The US, on the other hand, has vaccinated… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.