The AUD/USD Bounces Off Support
The AUD/USD has been pushing higher during Asian trade after a quiet US session.
The AUD/USD has been pushing higher during Asian trade after a quiet US session.
For the time being, it looks like the 0.7600 level has held up in the AUD/USD, while the Greenback has softened a touch. What I would say, is that it looks like the USD has really turned around recently and the trend is now to the upside. That gives me the indication that we will probably see further downside in the Aussie in the near term.
There’s not a lot of news around on a local level. We had some RBA action this week, but at this point, the central banks are almost irrelevant in my opinion as printing money is their go-to play now.
With that in mind, we must look to the key levels to watch.
As I said earlier, the 0.7600 is shaping up as strong support and under that, we will likely see the obvious 0.7500 become very big.
Probably of more interest is the swing high ahead which sits at around the 0.7650-5 level and this is a short term marker for us worth noting. If price breaks above then the shorter-term downtrend is broken to some degree. That means price will likely move as far as 0.7700.
While price is under 0.7700 I will be maintaining a bearish bias, but also closely watching where the USD goes from here. The US Dollar Index has held the 91.00 level and is still also making higher highs in the process, which is very much bullish.
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