Forex: AUD/USD bounces from daily lows
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AUD/USD
FXstreet.com (Córdoba) - As most of this week, the Australian dollar has continued to oscillate inside a range versus the greenback on Wednesday, unable to set a fresh direction. After reaching a 4-month high of 1.0597 last Friday, the pair entered in a consolidation phase, supported by the 1.0520 level on the downside.
AUDUSD climbed toward a high of 1.0578 during the Asian session, but failed to sustain gains and pulled back to a low of 1.0530. At time of writing, AUDUSD is trading around 1.0545/50, still 0.1% below its opening price.
"Aussie continues to trade in the 1.0600-500 range in the near term with the outlook completely mixed. It is tough to say as to in which direction the range will break", says the Kshitij Consultancy Services Team. "The longer term forecast though look good and we can see significant upside if 1.0620-50 is broken. But in the near term if 1.0500 is broken the chances of it dipping to 1.0400 cannot be ruled out".
AUDUSD climbed toward a high of 1.0578 during the Asian session, but failed to sustain gains and pulled back to a low of 1.0530. At time of writing, AUDUSD is trading around 1.0545/50, still 0.1% below its opening price.
"Aussie continues to trade in the 1.0600-500 range in the near term with the outlook completely mixed. It is tough to say as to in which direction the range will break", says the Kshitij Consultancy Services Team. "The longer term forecast though look good and we can see significant upside if 1.0620-50 is broken. But in the near term if 1.0500 is broken the chances of it dipping to 1.0400 cannot be ruled out".
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