AUD USD floating near session high
11/10/2016 8:55:56 AM
The decrees ran into persistence located just shy of 10-DMA (0.7673), and stall the recovery seen in the AUD/USD pair from near 0.7620 area.
Currently, the AUD/USD pair increases +0.41% to 0.7668, floating close to fresh session highs of 0.7670. The Aussie has entered into an integrative mode as we head into early Europe, with bouncing back metals’ prices providing limited inducement to the ongoing minor-recovery attempts. Iron-ore prices rallied 9%, copper jumps +2.60%, while gold prices rose almost 1% in the Asian session.
On Wednesday, the AUD/USD pair fell to fresh weekly lows at 0.7580 on doubt over a Trump win, however, managed to recover nearly entire losses and recoiled sharply as risk appetite returned post-US elections.
The pair finds the immediate persistence at 0.7700 above which gains could be expanded to the next hurdle located 0.7750 and 0.7780. On the other hand, the immediate support located 0.7650. Selling pressure is likely to strengthen below the last, dragging the Aussie to 0.7605 and below that at 0.7583.
Fundamental Analysis
by FxErvin
