Australian Dollar is among the strongest ones for today, and appeared to be give a lift by China’s resumption of issuing outbound visas from January 8. Australia is among the top 10 destinations with fastest-growing search volume in China after the news, indicating its popularity in Chinese tourists. Tourism operators are hopeful that visitations will rebound strongly, which is 95 below the pre-pandemic levels.
Japan, India, Italy and South Korea all said they would be imposing tighter COVID-testing requirements on tourists from China, with concerns on the lack of transparency on infections and variants in the country. But there is nothing heard from the Australian government yet.
AUD/JPY is extending the rebound from 87.00, and it’s now pressing 90.81 key near term support turned resistance. Sustained break there will argue that corrective fall from 99.32 has completed at 87.00, after hitting 100% projection of 99.32 to 90.81 from 95.73 at 87.22. In such case, stronger rise should be seen back to 95.73/99.32 range, as the second leg of the corrective pattern from 99.32.
