The AUD/USD pair edged higher during the early European session and refreshed daily tops, around the 0.7615-20 region in the last hour, albeit lacked follow-through. Having shown some resilience below the 0.7600 mark, the pair managed to gain some positive traction on Wednesday and for now seems to have stalled the overnight retracement slide from one-week tops. The US dollar witnessed some profit-taking and moved away from multi-month tops. This, in turn, was seen as a key factor that extended some support to the AUD/USD pair, though any meaningful recovery still seems elusive.
Investors remain optimistic about the outlook for the US economy amid the impressive pace of coronavirus vaccinations and US President Joe Biden's spending plan. In fact, Biden announced the opening of the US COVID-19 vaccine program for 90% of American adults by April 19 and will outline details about the first stage of his infrastructure spending plan of around $3 trillion to $4 trillion later this Wednesday.