Is it 'risk on' for the Aussie dollar?

Rising geopolitical tensions have caused nervousness in recent days but there are already signs an Australian dollar recovery is in the pipeline.

There has been a lot thrown at the Aussie dollar in recent times. Last week in particular saw a sharp increase in risk aversion on global markets due to escalating geopolitical tensions and of course the unexpected rise in the headline unemployment rate. One look at an hourly price chart shows a rather sharp decline from US93.5c to a two-month low of US92.4c in about 24 hours following the employment report, but has held firm since with the broader US92c support level still holding.

Graph for Is it 'risk on' for the Aussie dollar?

AUD/USD hourly chart; AUD/USD daily chart.

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