AUD/USD has been enjoying a stable position recently. We can witness a constant rise in its attraction in the last few weeks. The future prospect looks to favor this pair in coming week as well. The Australian Dollar is going to enjoy this journey of gains in the coming week. Thus we can say that the journey of Australian Dollar of rise and gains will extend. In Forex trading, you cannot assume such changes. There must be some foundation and base for such a forecast. The reason behind the strengthening of AUD is quite clear. The traders and economist are keeping a close eye on its economy. We can regard the easing the restrictions on its border as a major contributor in strengthening the position of AUD. Nation has successfully suppressed the second wave of pandemic. Therefore the restrictions regarding the borders are going to be relaxed.
AUD/USD, the Yearly High:
This prominent pair of trading, AUD/USD is looking forward to meet its yearly high point. 2020 has seen severe ups and downs in Forex trading. There was nothing that the economists could say about any currency. After a roller coaster ride, finally the traders are feeling somewhat relaxed. In this little bit relaxed state of trading, the traders and investors are giving preference to this pair of AUD/USD. The month of November has witnessed a significant rise of more than 5% in the value of AUD as compared to USD. This high price of AUD is further going to increase with the victory of its nation against the Pandemic.
The Tourism and AUD:
On November 23 2020, Australia has reopened the borders linked with New South Wales. Same is the case with borders associated with another state, Victoria. Obviously such steps of the government will increase the tourism and attract tourists. If such a bold step do not trigger an outbreak of the virus then it can be very beneficial for the growth of the economy. Thus this change in the price of AUD will eventually affect the value of AUD/USD.