Forex: AUD/USD backs away from highs
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AUD/USD
FXstreet.com (Córdoba) - The Australian dollar rose to a 6-day high against a generally weaker USD on Tuesday, extending its recovery from recent lows sub 1.0500.
AUDUSD gained over 70 pips throughout the day and recently hit a high of 1.0577 before losing steam and correcting slightly. At time of writing, AUDUSD is trading at the 1.0560/55 area, still up 0.4% on the day.
"The Aussie continues to trade in the 1.0600-500 range as it has bounced today from the lower end of the 1.0600-500 range and looks likely to rise towards the upper end of the range. Today's rise has been a strong rise but the range still holds and a strong move will only be seen on a decisive break of 1.0600-20 which is its very crucial resistance", says the Kshitij Consultancy Services Team. "The longer term though looks good the chances of a dip to 1.0400-350 cannot be ruled (though slim) out if 1.0500 gets broken".
AUDUSD gained over 70 pips throughout the day and recently hit a high of 1.0577 before losing steam and correcting slightly. At time of writing, AUDUSD is trading at the 1.0560/55 area, still up 0.4% on the day.
"The Aussie continues to trade in the 1.0600-500 range as it has bounced today from the lower end of the 1.0600-500 range and looks likely to rise towards the upper end of the range. Today's rise has been a strong rise but the range still holds and a strong move will only be seen on a decisive break of 1.0600-20 which is its very crucial resistance", says the Kshitij Consultancy Services Team. "The longer term though looks good the chances of a dip to 1.0400-350 cannot be ruled (though slim) out if 1.0500 gets broken".
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