AUD USD presents a slight recovery 2
2/8/2017 4:55:26 PM
Having held up its downslide near 0.7615 handle, the AUD/USD pair presented a recovery on Wednesday and backed part of previous session downslide to 4-day lows.
Currently trading around 0.7643 area, the pair caught some fresh bids among integrative price action around the key USD Index and slight retracement in the US Treasury bond yields.
Immediate persistence is fixed near 0.7657 area above which the pair is likely to make a fresh move towards 0.7703 strong hurdle. A persuasive break through 0.7703 handle now appears to pave way for continuance of the pair's near-term upwards trajectory towards Nov. 2016 daily closing highs persistence near 0.7747 area.
On the other hand, decline back below 0.7627 level might carry on to find support near 0.7607 area, which if broken divisively is likely to speed up the slide towards 0.7557 horizontal support with some intermediate support near 0.7578 area.
FOREX market analysis by FxErvin.