The Australian Dollar appreciates as the US Dollar pulls back after hitting a two-year high of 108.07 on Friday. The S&P/ASX 200 Index rose to fresh all-time highs above 8,450, as Australian shares mirrored Wall Street's momentum. President-elect Donald Trump has selected Scott Bessent, a seasoned Wall Street veteran and fiscal conservative, as the US Treasury Secretary. The Australian Dollar gains strength on Monday as the US Dollar continues its downward correction.
6540 on Monday, with technical analysis of the daily chart indicating strengthening short-term momentum. The pair has moved above the nine- and 14-day Exponential Moving Averages , signaling a potential upward bias. However, AUD/USD remains confined within a descending channel, suggesting the broader downtrend is still intact. Additionally, the 14-day Relative Strength Index is slightly below the neutral 50 level.