AUDUSD - Still Long Despite Limited Price Action

AUDUSD has had limited price action in the past month despite Biden's 1.9 trillion and stimulus package and Powell's continued dovish tone as indicated in yesterday's press conference. However, whilst the currency pair remains above support at 0.754 we see upside potential towards the 0.8 psychological level. This is particularly because we expect the global economy to recover in the second half of 2021, and hence there would be increased demand for commodities in particular from China which would drive the Australian dollar higher.