The AUD/USD pair has seen a rebound from its recent lows, buoyed by interventions from the Chinese government aimed at strengthening the Chinese Yuan in a bid to stabilise it amid recent weakening. Consequently, the Australian dollar, often viewed as a proxy for the Chinese economy, benefited from the stronger Yuan, experiencing an uptick in value. Traders are now shifting their focus towards the upcoming release of Australia's Retail Sales data on Wednesday, which is anticipated to provide further insights into the strength of the Australian dollar.
The AUD/USD pair has rebounded but remains trading with a bearish trajectory. Suggesting the bearish momentum is overwhelming.