The AUD/USD currency pair, which expresses the value of the Australian dollar in terms of the U.S. dollar, has performed very well in recent times, more recently rallying safely above the 2020 opening price of approximately 0.7016 (shown below). This reversal is stark, considering the significant drop we saw earlier in the year, as the COVID-19 pandemic really took hold.
(Chart created by the author using TradingView. The same applies to all subsequent candlestick charts presented hereafter.)
Just as equity valuations can move with great volatility in the short term, currency prices